Terms of Business for Investment and Insurance Services - Citibank … · Terms of Business for Investment and Insurance Services Effective from 1 January 2016 These terms are subject

Terms of Business for Investment and Insurance Services

Effective from 25 May 2018

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Contents PAGE

SECTION ONE: TERMS OF BUSINESS FOR INVESTMENT AND INSURANCE SERVICES DEFINITIONS 3

PART 1: GENERAL PROVISIONS AND YOUR RELATIONSHIP WITH CITI 5

1. Introduction 51.1 AmendingtheseTermsofBusiness 51.2 Noticesandcommunications 61.3 Marketinformation,researchorreports 61.4 Cancellationrights 61.5 TerminatingtheseTermsofBusiness 61.6 Nowaiverandseverability 71.7 Monitoringandrecording 71.8 Yourinformationandhowweuseit 71.9 Compensation 71.10 Complaints 71.11 LimitsonliabilityofCitigroupOrganisation 81.12 Fees,expensesandbenefits 81.13 Taxes 81.14 Conflictsofinterest 81.15 Non-publicinformation 91.16 CitiOnline 91.17 Notaxadvice 91.18 Governinglaw 91.19 Assignmentandtransfer 10

PART 2: OUR INVESTMENT SERVICES 102.1 General 102.2 AccountRelationshipTypes 102.3 LinkedAccounts 102.4 Minimumlumpsuminvestmentamounts 102.5 Regularinvestments 10

PART 2A: INVESTMENT ADVISORY SERVICES 2.6 Investmentobjectives 102.7 AdvisedAccountRelationship 102.8 Yourobligationtoprovideinformation 112.9 InvestmentAdvisoryServicesinrelationto

JointInvestmentAccounts 12

PART 2B: NON-ADVISED SERVICES 2.10Non-AdvisedServices 12

PART 2C: FURTHER TERMS APPLICABLE TO INVESTMENT SERVICES FOR ALL RELATIONSHIP TYPES

2.11 Yourknowledgeandexperience 122.12 JointInvestmentAccounts 122.13 InvestmentAccountstatements 122.14Clientmoney 122.15 Delegation 122.16 Investmentinformation 132.17 Powerofattorney(agentorproxy-holder) 132.18ExecutionServices 132.19Confirmations 142.20Dealing;selectionofbrokers,agentsandother counterparties 142.21CustodyArrangements 142.22Citi’sCustodyServices 142.23OurrightsoveryourInvestmentProducts 162.24ThirdpartyCustodians 162.25PackagedRetailandInsurance-BasedInvestmentProducts16

PART 3: INVESTMENT ISA3.1 Plan 173.2 Subscription 173.3 Transfersin 17

3.4 CancellationofaPlan 173.5 Investmentchoiceandyourinvestmentobjectives 173.6 InvestinginyourPlan 173.7 Instructions 183.8 IncomefromyourPlan 183.9 AssetsheldwithinyourPlan 183.10Custodyservices 183.11 Documentation 183.12 Withdrawals 183.13 Transferstootherplanmanagers 183.14 Termination 193.15 Death 193.16 Charges 193.17 RecordsofyourPlan 193.18Delegationoffunctions 193.19 Exclusionofliability 19

PART 4: OUR INSURANCE ADVISORY SERVICE 4.1 General 194.2 RegulatoryInformationrelatingtoour

InsuranceAdvisoryService 194.3 Assessingyourneeds 194.4 Advice 194.5 InsuranceProductTerms 20

SCHEDULE 1: CONTRACTS ENTERED INTO AT A DISTANCE 1. Distancecontracts 202. InformationaboutCiti 203. InformationaboutCiti’sservices 204. Informationaboutcharges,costsandtaxes 205. InformationabouttheTermsofBusiness 206. Cancellationrights:theseTermsofBusiness 207. Contactdetails 20

SCHEDULE 2: INVESTMENT PRODUCT TERMS 1. CollectiveInvestmentSchemes 212. ISAs 213. Structurednotes 214. InvestmentLinkedLifeInsuranceProducts 215. InvestmentFundsAccount 21

SCHEDULE 3: CLIENT MONEY1. Clientmoney 222. Unclaimedcustodyassets 22

SCHEDULE 4: UNDERSTANDING OUR SERVICES AND RISKS 1. Shares 232. DepositaryReceipts 233. Bonds 234. CollectiveInvestmentSchemes 245. ExchangeTradedNotes(“ETNs”) 256. ExchangeTradedCommodities(“ETCs”) 257. Derivatives 258. StructuredProducts 269. ForeignExchange 2610. Non-readilyrealisableinvestments 2611. Stabilisation 2612. Emergingmarkets/Countryrisk 2713. InvestmentLinkedLifeInsuranceProducts 27

SCHEDULE 5: SUMMARY OF OUR BEST EXECUTION POLICY 27 SCHEDULE 6: YOUR REPRESENTATIONS 31

SECTION TWO: SUMMARY OF CONFLICTS OF INTEREST POLICY 32

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SECTION ONE: Terms of Business for Investment and Insurance ServicesDEFINITIONS

UnlessotherwisedefinedelsewhereintheseTermsofBusiness,thefollowingwordshavethefollowingmeanings:

“Account Relationship Type”meansthetypeofrelationshipyouhavewithusinrelationtoyourInvestmentAccount(namely,whetheryouhaveanAdvisedAccountRelationshiporaNon-AdvisedAccountRelationship);

“Advised Account Relationship”describestherelationshipbetweenyouandCitiwhenyouuseourInvestmentAdvisoryServiceinrelationtoyourInvestmentAccount;

“Advisory Fee”meansthefeethatwechargefortheprovisionoftheInvestmentAdvisoryServiceorInsuranceAdvisoryService(asapplicable),assetoutintheKeyFactsDocument;

“Applicable Law”meansapplicablelaw,regulations,legalprocess,courts,regulatorycodesofconductandguidanceandanyagreemententeredintowithorbetweenAuthorities,including,butnotlimitedto,theMiFIDRegulations,theFCARulesandthePRARules;

“Asset”meansanyinvestmentsorassetsheldinyouraccountwithusorinanomineenameforyourbenefit(includinganythingheldbyouragents,depositaryorcustodianoronaclearingsystem)andanyrightsorbenefitsrelatingtothoseinvestmentsorassets(includinganyincomederivedfromthoseinvestmentsorassets).Thisincludes,butisnotlimitedto,accounts,contractrights,alldocuments,InvestmentProducts,instrumentsandcertificatesrelatingtoinvestmentsandsecurities,andallrelatedinterest,redemptionsanddistributionsandallincome,proceedsandproductsoftheabove;

“Authority”meansanycompetentregulatory,taxorprosecutingauthorityinanyjurisdiction;

“Bank Account”meansyourCiticurrentaccountoryourCitisavingsaccount;

“Bank Recovery and Resolution Directive”or“BRRD”meansDirective2014/59/EU;

“Best Execution Policy”meansthepolicywhichwefollowinordertocomplywiththerequirementunderApplicableLawthatwetakeallsufficientstepstoobtain,whenexecutingyourorders,thebestpossibleresultforyou;

“BRRD Entity”meansthoseEEAentitieswithinthescopeofDirective2014/59/EU,includingEEAcreditinstitutions,certainEEAinvestmentfirmsand/orcertainEEAsubsidiariesorparentsofsuchentities).Fortheavoidanceofdoubt,thisincludescertaincompaniesintheCitigroupOrganisation;

“BRRD Financial Instrument”meansallfinancialinstrumentsissuedbyaBRRDEntity;

“BRRD Resolution Authority”meansanyresolutionauthorityempoweredtoapplytheresolutiontoolsorexercisetheresolutionpowersundertheBRRD;

“Business Day”meansaday(otherthanSaturdayorSunday)onwhichbankpremisesareopenforgeneralbusinessinLondon;

“Cash ISA”meansanISAmadeupofcashsavings;

“Central Bank”meanstheCentralBankofIrelandoranysuccessororsuccessorbodies;

“Citi”,“we”,“us”,“our”referstoCitibankEuropeplc,UKBranch,whoseregisteredofficeisCitigroupCentre,CanadaSquare,LondonE145LBandanyonewhosucceedsCitiortowhomCitiassignsitsrights;

“Citi UK Reference Exchange Rate”meanstheexchangerateappliedbyCiti.PleasecontactyourRelationshipManagerifyouwouldliketoknowfulldetailsoftheactualratethatisapplied;

“Citi Online”meansourinternetbankingandinvestmentservicewhichenablesyoutoaccessandmanageyourInvestmentAccountonline;

“Citigroup Organisation”meansCitigroupInc.andanyofitssubsidiaryentities;

“Conflicts of Interest Policy”meansthepolicyfollowedbyCitiinordertoidentifyandtopreventormanageactualorpotentialconflictswhichariseinthecourseofCitiprovidingservicestoyou;

“Custodian”meansCitior,whereCitiisnotprovidingCustodyServices,thethirdpartyselectedbyCititoprovidesafecustodyofAssets;

“Custody Account”hasthemeaninggiventoitinclause2.22.2;

“Custody Service”meansthecustodyservicesofferedbyCitiinaccordancewithclause2.22;

“Debt”meansanypaymentordeliveryobligationthatyouhavetous(whetherexistingorfuture,directorindirect,actualorconditionaluponaneventoccurring),including(whererelevant):

(a) anyamountowingpursuanttoloans,overdrafts,interest,fees,expenses,costs,damagesorguarantees;

(b) anyamountowingpursuanttocontractsmadebyyouinconnectionwithforeignexchange,derivativesorsecuritisedtransactions(forthesepurposessuchamountsmaybebasedonourcurrentvaluationofunsettledcontracts);

(c) anyamountowingforpaymentsorundertakingsthatwemakeorenterintoonyourbehalforonyourinstructions;and

(d) anyamountowingforinterestandfeesonanyamountsin(a)to(c)aboveuntilallamountshavebeenpaid.Ifwemakeademand,orobtainacourtjudgmentagainstyou,interestandfeeswillcontinuetoaccrueattheratessetoutintheseTermsofBusinessastheydidbeforehand;

“Distance Communication”meansanymeansofcommunicationwithoutthesimultaneousphysicalpresenceofourrepresentativesandyou;

“EEA”meansEuropeanEconomicArea;

“Execution Service”meansourserviceofexecutingtransactionsforyouinrelationtoInvestmentProducts,includingarrangingexecutionforinvestmenttransactionsandanyotherrelatedserviceswhichweprovidetoyou(asfurthersetoutinclauses2.18to2.20);

“FCA”meanstheFinancialConductAuthority,of25TheNorthColonnade,London,E145HS,itsagentsoranysuccessorbodyorbodies.FromJune2018,theaddresswillbe12EndeavourSquare,Stratford,London;

“FCA Rules”meanstherules,guidance,principlesandcodesintheHandbookofRulesandGuidanceissuedbytheFCA(including,fortheavoidanceofdoubt,provisionsofdirectlyapplicablelegislationthatarereproducedintheHandbook;

“Fund/Funds”meansoneormore‘regulatedcollectiveinvestmentscheme’asdefinedbytheFCARulesbeinganOpen-EndedInvestmentCompanyincorporatedundertheOpen-EndedInvestmentCompaniesRegulations2001,aunittrustschemewhichisauthorisedforthepurposesoftheFinancialServicesandMarketsAct2000ortheirnon-UKdomiciledequivalentswhichhavebeenrecognisedbytheFCA(whetherornottheunitsareheldwithinanISA);

“Global Custody Fee”meansthefee(assetoutintheKeyFactsDocument)thatwechargeforcustodyserviceswhichareprovidedbyuspursuanttoclause2.22orbyathirdpartyCustodianpursuanttoclause2.24;

“Insurance Advisory Service”meansourserviceofprovidingpersonalrecommendationstoyouinrelationtoInsuranceProducts,afteryouhaveundergoneourprofileandneedsanalysiswhichisusedtoinformtheWealthPlanner;

“Insurance Product”meansinsurancepoliciesofalltypesthatarenotRetailInvestmentProducts;

“Insurance Product Terms”meansthetermsandconditionswhichrelatetospecificInsuranceProductswhichyoumayinvestinfurthertotheInsuranceAdvisoryServiceprovidedbyCitiundertheseTermsofBusiness(unlessindicatedotherwise);

“Investment Account”meansyourCitiinvestmentaccount;

“Investment Account Holder”meansthepersonorpersonsinwhosenametheInvestmentAccountisheld;

“Investment Advisory Service”meansourserviceofprovidingpersonalrecommendationstoyouinrelationtoInvestmentProducts,afteryouhaveundergoneourprofileandneedsanalysiswhichformspartoftheWealthPlanner,including:

(a) aninitialdiscussionwithyou;

(b) assessingyourknowledgeandexperience;and

(c) assessingyourfinancialsituation,investmentobjectivesandrisktoleranceandprovidingpersonalisedinvestmentrecommendationswhicharesuitableforyou;

“Investment Costs and Charges Illustration”meansanillustrationshowingthecumulativeeffectofcostsandchargesonreturnwhenprovidingourinvestmentservices;

“Investment ISA”meansanISAmadeupofstocksandsharesinvestments;

“Investment Linked Life Insurance Product”meanslifeassurancepolicieswhichenableyoutoinvestinaninvestmentplanwhilealsoprovidingbenefitswhenalastsurvivinglifeassureddies;

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“Investment Linked Life Insurance Product Terms”meansthetermsandconditionswhichrelatetospecificInvestmentLinkedLifeInsuranceProductswhichyoumayinvestinfurthertotheInvestmentServicesprovidedbyCitiundertheseTermsofBusiness(unlessindicatedotherwise).TheproducttermsforaspecificInvestmentLinkedLifeInsuranceProductwillbecontainedinaseparatedocumentgiventoyouwhenapplyingforanInvestmentLinkedLifeInsuranceProduct.YoucanfindfurtherinformationonproductsofthisnatureatSchedule2andtheservicesweofferinrelationtothematPart2AoftheseTermsofBusiness.YoucanalsofindriskdisclosuresonproductsofthisnatureatSchedule4;

“Investment Product”meansinvestmentsofalltypeswhichinclude,butarenotlimitedto:

(a) InvestmentISAs;

(b) structuredproducts;

(c) Funds;

(d) exchangetradedproducts;

(e) fixedincomeproducts;

(f) equities;and

(g) InvestmentLinkedLifeInsuranceProducts,

andwhich,fortheavoidanceofdoubt,mayincludeproductswhichcomewithinthedefinitionofRetailInvestmentProducts,butdoesnotincludeInsuranceProducts;

“Investment Product Terms”meansthetermsandconditionswhichrelatetospecificInvestmentProductswhichyoumayinvestinfurthertotheInvestmentServicesprovidedbyCitiundertheseTermsofBusiness(unlessindicatedotherwise).SomeoftheInvestmentProductTermsarephysicallyincorporatedinthisdocumentinSchedule2andtheriskdisclosuresinSchedule4;othersmaybecontainedinaseparatedocument–seeSchedule2andSchedule4fordetails;

“Investment Services”meansourservicesinrelationtoInvestmentProducts,comprisingInvestmentAdvisoryServices,Non-AdvisedServices,ExecutionServicesandCustodyServices;

“Investments”meanssharesorunitsintheFundsorotherinvestmentswhichareeligibleforinclusioninaPlanfromtimetotime;

“ISA”meansan“IndividualSavingsAccount”;

“ISA Application”meanstheapplicationthatmustbecompletedtoenableyourPlantobeopened.YoumaymakeanISAApplicationbycompletingandsubmittinganapplicationform(eitherinhardcopyorviaCitiOnline)orbytelephone(inwhichcaseyourapplicationwillbecompleteonceaRelationshipManagerhasobtainedtheinformationrequiredfromyou(andyouwillbeprovidedwiththerelevantdocumentation)).

“ISA Terms of Business”meansPart3oftheseTermsofBusinessaswellastheinformationprovidedtoyouandreceivedfromyouwhenyoucompleteyourISAApplication;

“Joint Investment Account”meansanInvestmentAccountheldinthenamesoftwoormoreInvestmentAccountHolders;

“Joint Investment Account Holder”meanstheInvestmentAccountHoldersinwhosenamesaJointInvestmentAccountisheld;

“Key Facts Document”meansthedisclosuredocumentwhichcontainskeyinformationaboutourservicesincludingthescopeofanyadvicewemayprovideandinformationaboutfees,commissionsandchargesinrelationtotheInvestmentServices,InvestmentProductsandInsuranceProducts;

“Key Information Document”or“KID”hasthemeaninggiventoitinclause2.25.1;

“Lien”meansarightwhichentitlesustoholdontoanyofyourInvestmentProductsorclientmoneywehaveinourpossessionpendingpaymentofaDebtowedbyyou;

“Limit Order”meansanorderthatyouplacetobuyorsellafinancialinstrumentatitsspecifiedpricelimitorbetterandforaspecifiedsize.TheLimitOrderwillbetriggeredforexecutionwhenthepriceofthatfinancialinstrumentreachesthespecifiedlevelandthespecifiedsizeoftheorderisavailable.OncetheLimitOrderhasbeentriggeredatthespecifiedlevelandsize,theorderwillbeexecutedatthesame(orbetter)asthepricespecifiedintheLimitOrder;

“MiFID Regulations”meanstheEuropeanUnion(MarketsinFinancialInstruments)Regulations2017(S.I.375of2017)ofIreland,asamendedfromtimetotime;

“Non-Advised Account Relationship”describestherelationshipbetweenyouandCitiwhenyouuseonlyourNon-AdvisedServicesassetoutinfurtherdetailinclause2.2.1.2;

“Non-Advised Services”hasthemeaninggiveninclause2.10;

“Packaged Retail and Insurance-Based Investment Products”or“PRIIP”meansa“packagedretailandinsurance-basedinvestmentproduct”asdefinedinRegulation(EU)No1286/2014oftheEuropeanParliamentandoftheCouncilof26November2014onkeyinformationdocumentsforpackagedretailandinsurance-basedinvestmentproducts;

“Plan”meansanInvestmentISAasheldundertheISATermsofBusiness;

“Plan Manager”meansCitibankEuropeplc,UKBranch,withitsbranchofficeatCitigroupCentre,CanadaSquare,LondonE145LB.CitibankEuropeplc,UKBranchisapprovedbyHMRevenueandCustomstoactasaPlanManagerundertheRegulations;

“PRA”meanstheUKPrudentialRegulationAuthority,itsagentsoranysuccessorbodyorsuccessorbodies;

“PRA Rules”meanstherules,guidance,principlesandcodesintheRulebookissuedbythePRA;

“Regulated Market”hasthemeaninggiventoitintheRules;

“Regulations”meanstheIndividualSavingsAccountRegulations1998,asamendedfromtimetotime;

“Relationship Manager”meansanemployeeofCitiregisteredandauthorisedtoprovidefinancialadvice;

“Relevant Omission”hasthemeaninggiventoitintheFCARules,whichinsummaryisafailurebyaninsuranceintermediaryto:(1)paymoniestoaninsurer;(2)paymoniesthatithasreceivedfromaninsurer;or(3)takestepstocauseaninsurancecontracttobeeffectedbyaninsurer;

“Retail Investment Product”meansproductsofferedbyuswhichareretailinvestmentproductswithinthemeaninggiventothattermintheglossaryoftheFCARules,whichincludesthefollowing:

(a) alifepolicy;

(b) aunitinacollectiveinvestmentscheme;

(c) aninterestinaninvestmenttrustsavingsscheme;

(d) asecurityinaninvestmenttrust;

(e) astructuredcapital-at-riskproduct;or

(f) anyotherinvestmentwhichoffersexposuretounderlyingfinancialassets,inapackagedformwhichmodifiesthatexposurewhencomparedwithadirectholdinginthefinancialasset;

“Rules”means:

(a) theFCARulesand/orthePRARules;

(b) theMiFIDRegulationsandsuchotherapplicableIrishlegislationorCentralBankrulesandregulations;and/or

(c) suchregulations,codesorequivalentrulesasissuedbytheCentralBankand/orEuropeanCentralBankasfromtimetotimeinforce,

asmaybeapplicableorrequiredbycontext;

“SMS”meanstheshortmessagingtextserviceprovidedthroughmobilephones;

“Terms of Business”meansthesetermsofbusinessforourInvestmentServicesandInsuranceAdvisoryServices,asmaybeamendedfromtimetotime,togetherwiththetermscontainedintheKeyFactsDocumentandtheInvestmentCostsandChargesIllustration;

“Trading Venue”hasthemeaninggiventoitintheRules;

“Transaction Against Advice”meanswhereyoutransactcontrarytoadvicegivenbyCiti;

“Transaction Fee“meansthefeethatwechargefortheexecutionofatransactioninanInvestmentProductassetoutintheKeyFactsDocument;

“UK”meansEnglandandWales,ScotlandandNorthernIreland(butnottheChannelIslandsortheIsleofMan);

“US person”means:• acitizenorresidentoftheUnitedStates;

• adomesticpartnershiporganisedunderthelawsoftheUnitedStates;

• adomesticcorporationorganisedunderthelawsoftheUnitedStates;

• anyestateotherthanaforeignestate;

• anytrustif:

– acourtwithintheUnitedStatesisabletoexerciseprimarysupervisionovertheadministrationofthetrust;and

– oneormoreUnitedStatespersonshavetheauthoritytocontrolallsubstantialdecisionsofthetrust;

• anyotherpersonthatisnotaforeignperson;

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“Wealth Planner”meansthemostrecentlycompletedorupdatedpaperorelectronicformorrecordedconversationwithaRelationshipManagerdetailingyourprofileincludingyourfinancialsituation,investmentobjectives,risktoleranceandyourknowledgeandexperienceforthepurposeofreceivingourInvestmentAdvisoryServiceandInsuranceAdvisoryService;

“Withholding Tax”meansanamountfororonaccountof,orwhichrepresents,incometax,valueaddedtax,taxonthesaleordispositionofanyproperty,duties,oranyotherlawfullycollectedamount;and

“you/your”meansorreferstotheholderorholdersoftheInvestmentAccount.

IMPORTANT NOTE:

Pleasenotethattherearerisksassociatedwithanyinvestmentandthatthevalueofyourinvestmentmaygodownaswellasup.Schedule4setsoutsomeimportantinformationregardingcertainInvestmentProductsinrelationtowhichweofferourInvestmentServices,alongwithcertainotherInvestmentProducts,andriskwarningsrelatingtothoseproducts.ThepurposeofthatinformationistoenableyoutounderstandthenatureandrisksofthespecifictypesofInvestmentProductsweprovideourservicesinrelationto.YoushouldreadSchedule4,andinparticulartheriskwarningsitcontains,carefully.FordetailsontherisksassociatedwithotherInvestmentProductsofferedbyCiti,pleaseseethedocumentationprovidedonyourapplicationforthoseInvestmentProducts.

Unlessotherwisenotifiedtoyou,InvestmentServiceswillbeinrelationtofinancialinstrumentsforwhichtheidentifiedtargetmarketincludesretailclients.

IntheeventofanyconflictbetweenthetermsapplicabletotheInvestmentLinkedLifeInsuranceproductandanyApplicableLaw,ApplicableLawshallprevailand,totheextentsuchrelevanttermsoranyprovisionthereofshallbeheldtobeunenforceableorinvalid,therelevantprovision(s)shalltothatextentbegivennoeffect,buttheseTermsofBusinessshallinallotherrespectscontinueinfullforceandeffect.

PART 1: GENERAL PROVISIONS AND YOUR RELATIONSHIP WITH CITI

TheseTermsofBusiness,includingtheSchedules,theKeyFactsDocumentandtheInvestmentCostsandChargesIllustration,formpartofthecontractualagreementbetweenyouandus.

Inaddition,whenyoupurchaseaninvestment,youmaybesubjecttoadditionalInvestmentProductTermsrelatingtothatproduct.SomeoftheInvestmentProductTermsarephysicallyincorporatedinthisdocumentinSchedule2andothersmaybecontainedinaseparatedocument–seeSchedule2fordetails.YoucanfindfurtherinformationontheservicesweofferinrelationtoInvestmentProductsatPart2,Part2A,Part2BandPart2CoftheseTermsofBusiness.YoucanalsofindriskdisclosuresandfurtherinformationoncertainInvestmentProductsatSchedule4.InrelationtoInsuranceProducts,theadditionalInsuranceProducttermsandconditionswillbeissuedbytherelevantcompany.Forfurtherinformation,seePart4ofthisdocument.

TotheextentthatthereisanyinconsistencybetweentheseTermsofBusinessandtheGeneralTermsandConditionsforCitiCurrentAccountsandSavingsAccounts,theseTermsofBusinesswillprevail.

IfthereisanyconflictbetweentheseTermsofBusinessandanyInvestmentProductTerms,thoseInvestmentProductTermswilltakeprecedence.

1. INTRODUCTION

TheseTermsofBusinesstakeeffectfromthedatewhen:

(a) yourInvestmentAccountisopened;

(b) youbuyanInsuranceProductorInvestmentProductthroughCiti;or

(c) youreceiveanyadviceinrelationtoanInsuranceProductoranInvestmentProduct,whicheveroccursfirst.

Theseareourstandardclienttermsofbusinessonwhichweintendtorely.Foryourownbenefitandprotectionyoushouldreadthesetermscarefully.Ifyoudonotunderstandanypoint,pleaseaskforfurtherinformation.

CitibankEuropeplc,UKBranch,isabranchofCitibankEuropeplc,whichislicensedbytheEuropeanCentralBankandisregulatedbytheCentralBankofIrelandandtheEuropeanCentralBank(referencenumberisC26553).ItisauthorisedbythePrudentialRegulationAuthorityandsubjecttolimited

regulationbytheFinancialConductAuthorityandPrudentialRegulationAuthority.ItappearsontheUK’sfinancialservicesregisterwithfirmreferencenumber211646.CitibankEuropeplc,UKBranchisregisteredasabranchinEnglandwithUKestablishmentnumberBR017844.ItsUKestablishmentofficeaddressisCitigroupCentre,CanadaSquare,LondonE145LB.ItsUKVATnumberisGB429625629.CitibankEuropeplcisregisteredinIrelandwithcompanyregistrationnumber132781.Itsregisteredofficeisat1NorthWallQuay,Dublin1,D01T871,Ireland.DetailsabouttheextentofourauthorisationandregulationbythePrudentialRegulationAuthority,andregulationbytheFinancialConductAuthorityareavailablefromusonrequest.

ThecontactaddressoftheCentralBankofIrelandisPOBox559,Dublin1.

ThecontactaddressoftheFCAis25TheNorthColonnade,CanaryWharf,London,E145HS.FromJune2018,theaddresswillbe12EndeavourSquare,Stratford,London.

ThecontactaddressofthePRAis20Moorgate,LondonEC2R6DA.

Citi’spermittedbusinessincludes:

(a) advisingonandarrangingdealsincollectiveinvestmentschemes;

(b) advisingonandarranginginvestmentbusiness,includinginrelationtoInvestmentLinkedLifeInsuranceProducts;and

(c) advisingonandarranginginsurancebusinessincluding“pureprotectioncontracts”(“pureprotectioncontracts”mayincludetermassurance(lifeinsurance),criticalillnessinsuranceandincomeprotectioninsurance).

CitiwilltreatyouasaretailclientforthepurposesoftheApplicableLaw.YoushouldbeawarethatbeingtreatedasaretailclientwillnotnecessarilymeanthatyouwillhaverightsundertheIrishInvestorCompensationSchemeorUKFinancialServicesCompensationScheme(pleaseseeclause1.9forfurtherdetails).

TheseTermsofBusinessdonothaveanyminimumormaximumdurationandeitheryouorwemayterminatetheseTermsofBusinessatanytimebygivingwrittennoticeassetoutinclause1.5.

1.1 Amending these Terms of Business

1.1.1 Citimaychange,vary,amendorsupplementtheseTermsofBusinessbygivingyouatleast30days’writtennoticeofthechanges.Citimaymakechangestotakeaccountofanyofthefollowingfactors:

1.1.1.1 wherewereasonablyconsideritwillmaketheseTermsofBusinesseasiertounderstand,clearerorfairertoyouorthechangewouldnotbetoyourdisadvantage;

1.1.1.2 tomaketheseTermsofBusinessmorefavourabletoyouortocorrectamistake(providedthatanycorrectionwouldnotbedetrimentaltoyourrights);

1.1.1.3 toreflectanychangesinthecostofprovidingourservicestoyou(wherethechangemadewillreflectthechangeincoststous);

1.1.1.4 toreflectchangesinthenatureorscopeoftheserviceweprovidetoyouoroftheservicewearrangetohaveprovidedtoyou;

1.1.1.5 totakeaccountofchangestoApplicableLaw,codesofpracticeorthewayinwhichweareregulated;or

1.1.1.6 whereweconsideritnecessarytomakereasonablechangestothewaywelookafteryourInvestmentAccountorprovideservicestoyouasaresultofchangesinoursystems(forinstance,changesintechnologyorthestructureofanyCitigroupOrganisation(s)).

Wherewereferto‘changes’inthelistoffactorsabovethisincludesbothchangesthathavealreadyoccurredorchangesthatwereasonablyexpecttooccur.

1.1.2 Whereweproposetomakeachangetoanyfeesorchargespayablebyyou,inaccordancewithclause1.1.1above,toreflectachangewhichhasoccurred(orwhichwereasonablyexpectwilloccur)inApplicableLawortheunderlyingcostsweincurinprovidingourservicestoyou,wewillensurethatthechangeinourfeesandchargesreflectsafairproportionofwhatwereasonablyexpectthecostoftheregulatoryrequirementorunderlyingcostswillbetous,andwillinformyouofanysuchchangesinwritingatleast30dayspriortothechange.

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1.1.3 Ifyoudonotagreewithanychangewepropose,youmayatanytime(subjecttoyousettlingalloutstandingliabilitiesundertheseTermsofBusiness)terminatetheseTermsofBusinessinaccordancewithclause1.5andwewillwaiveanyfeeswhichmayotherwisehavebeenpayableupontermination.

1.2 Notices and communications

1.2.1 AllcommunicationsbetweenCitiandyouwillbeintheEnglishlanguage.Citimay,fromtimetotimeandonlyatyourrequest,communicatewithyouinanotherlanguage,butyouacknowledgethatCitiisnotrequiredtodothis.AnycommunicationsfromCititoyouinEnglishwillbebindingonyouevenifCitihascommunicatedwithyouinanotherlanguagepreviously.UnlessCitiagreestothecontraryinrelationtoaspecificcommunication,allcommunicationsfromyoutoCitimustbeinEnglish.

1.2.2 Youcansendnoticesandcommunicationstousatthefollowingaddress:CitibankEuropeplc,UKBranch,POBox4012,Swindon,SN44JZ.Inaddition,forgeneralenquiriespleasecontactyourRelationshipManager(detailsofwhomwillbeprovidedonopeningofyourInvestmentAccount,ifapplicable),orcalluson0800005500.

1.2.3 Anylettersentbyyoutousattheaddressinclause1.2.2above,oranylettersentbyustoyouattheaddresswhichyouhavemostrecentlynotifiedtous,shallconstitutewrittennoticeundertheseTermsofBusiness.

1.2.4 AnyemailwhichwesendtotheemailaddressyouhavemostrecentlynotifiedtousandanymessagewesendtoyouviaCitiOnlineshallconstitutewrittennoticeundertheseTermsofBusiness.

1.2.5 IngeneralwewillconsidernoticesorothercommunicationssentbyusbyemailorviaCitiOnlineashavingbeenreceivedbyyouoneBusinessDayaftertransmission.

1.3 Market information, research or reports

1.3.1 Whenmarketinformation,researchorreportsareprovided,Citi:

1.3.1.1 isnotresponsibletoyoufortheiraccuracyorcompletenessunlesstheyhavebeenproducedbyCiti;

1.3.1.2 isnotresponsibletoyouforthetaxconsequencesofanytransaction(althoughinrelationtocertainInvestmentProductsCitimayberequiredbytheApplicableLawtoprovideanindicationofwhatthetaxconsequencesofinvestinginsuchanInvestmentProductmightbe);

1.3.1.3 hasnoobligationtobringinsuranceorinvestmentopportunitiestoyourattentionortoupdatetheinformation,researchorreportsprovided;

1.3.1.4 willnotprovideanytaxadvice,andshallnotatanytimebedeemedtobeunderanydutytoprovidetaxadvice;

1.3.1.5 mayfromtimetotimesendpublishedresearchandreports,advertisementsandotherpublicationstoyou,andwhereanysuchdocumentcontainsarestrictiononthepersonorcategoryofpersonsforwhomthatdocumentisintendedortowhomitisdistributed,youagreethatyouwillnotpassitontoanypersonorcategoryofpersonswhofalloutsidethatrestriction;

1.3.1.6 mayhaveacteduponreportsorotherdocumentationprovidedtoyou,ormadeuseoftheinformationonwhichitisbased,priortosendingsuchdocumentationtoyou;and

1.3.1.7 makesnocommitmentastothetimeofreceiptbyyouofresearchorreportsandcannotguaranteethatyouwillreceivesuchresearchorreportsatthesametimeasotherclientsofCiti.Pleasenotethatanysuchpublishedresearchorreportsmayappearinoneormoreelectronicorotherinformationservices.

1.3.2 UnlessCitispecificallyagreesotherwiseinwritingwithyou,youherebyacknowledge:

1.3.2.1 thattheinformationgiventoyouunderclause1.3.1abovemaybedifferentfromthatprovidedtootherclientsofCitiduetoindividualanalysisoffundamentalandtechnicalfactorsbydifferentpersonnel;and

1.3.2.2 thatsuchinformationmaynotbeconsistentwithCiti’sproprietaryinvestments,orthoseofotherCitigroupOrganisations,ordirectors,employeesoragentsofCitiorotherCitigroupOrganisations.

Thisclause1.3willnotaltertheareaswherewehaveacceptedliability,assetoutinclause1.11.4.

1.4 Cancellation rights

1.4.1 WhereCitientersintotheseTermsofBusinesswithyouatadistance(i.e.whereCitihasnoface-to-facecontactwithyou)youshouldrefertoSchedule1oftheseTermsofBusiness,whichcontainsimportantadditionalinformationaboutCitiandyourindividualrights,includingcancellationrights.

1.4.2 YoumayalsohaveadditionalcancellationrightswhereyouenterintocontractsforspecifictypesofInvestmentProducts.WherethisappliestheserightswillbeclearlysetoutintherelevantInvestmentProductTerms.YoumayalsohavecancellationrightsinrespectofInsuranceProducts;pleaserefertotherelevantInsuranceProductTerms.

1.5 Terminating these Terms of Business

1.5.1 YoumayterminatetheseTermsofBusinessatanytimebyprovidingCitiwithwrittennotice.YournoticewilltakeeffectfromthedateCitireceivesyourwrittennotice.WhenyougiveuswrittennoticethatyouwishtoterminatetheseTermsofBusinessunderthisclause1.5.1,thisshouldbeaccompaniedbyaninstructiontoustotransferyourAssetstoathirdpartyortoliquidateyourAssets.

1.5.2 IfweoryouterminatetheseTermsofBusinessoraparticularInvestmentProductorInsuranceProductinaccordancewiththisclause1.5wewillaskyouwhetheryouwantustotransferyourInvestmentProductorInsuranceProducttoathirdpartyortosellthemandremittheproceedsofsaletoyou.Ifyoudonotnotifyusofyourpreferencewithin10BusinessDaysoftermination,wemayatourdiscretion,actingreasonably,sellanysuchInvestmentProductandremittheproceedstoyou.AnytransfersofInvestmentProductorInsuranceProductmaybeatyourcost.

1.5.3 OntheterminationoftheseTermsofBusinessyouoryourtrusteesorassigneeswillcontinuetoholdanypureprotectioncontractssuchascriticalillnessortermassurancesubjecttotherelevantInsuranceProductTerms.

1.5.4 CitimayterminatetheseTermsofBusinessoraparticularInvestmentProductorInsuranceProductatanytimeby30days’priorwrittennoticetoyou.Citimaydosoasaresultofanyofthefollowingfactors:

1.5.4.1 totakeaccountofadecisionbyacourt,ombudsman,regulatororsimilarbodyorchangestoApplicableLaw,codesofpracticeorthewayinwhichweareregulated;

1.5.4.2 youareinrepeatedorseriousbreachoftheseTermsofBusiness;

1.5.4.3 youbehaveinanabusiveorthreateningmannertowardsourstaff;

1.5.4.4 wereasonablybelieveyouhavemovedoutsidetheUK;

1.5.4.5 youhavegivenusinaccurateinformationand,hadwereceivedaccurateinformation,wewouldnothaveacceptedyourInvestmentAccountapplicationoryourpurchaseofaparticularInvestmentProductorInsuranceProduct;

1.5.4.6 wenolongerprovideanyoralloftheservicesdescribedhereintoourclients.WhereweceasetoactasPlanManagerforthepurposesoftheRegulations,wewillalsonotifyyouofyourrighttotransferyourPlan;or

1.5.4.7 youareaUSpersonandyoufailtoprovideuswithavalid,signedFormW-9inaccordancewithclause1.13.7.

1.5.5 CitimayterminatetheseTermsofBusinessoraparticularInvestmentProductorInsuranceProductwithimmediateeffectandwewillinformyouimmediately,foranyofthefollowingreasons:

1.5.5.1 wereasonablysuspectthatyouareusingtheservicesprovidedundertheseTermsofBusinessforanillegalpurpose;

1.5.5.2 wereasonablysuspectthatyouhavegivenfalseinformationwhichhasamaterialimpactonourrelationshipwithyou;or

1.5.5.3 achangeinyourcitizenship,residencyorimmigrationstatusmeansthatitisnolongerpermissibleforustoprovideservicestoyouincompliancewithApplicableLaw.

1.5.6 Youshallberesponsibleforpayingallfees,charges,earlywithdrawalfees,andotherobligationsthatremainunpaidatthetimetheseTermsofBusinessareterminated.IfyouterminatetheseTermsofBusinesssubsequenttousvaryingthetermspursuanttoclause1.1,orifweterminatetheseTermsofBusinessunderclause1.5.4orforareasonstatedinclause1.5.5.3,wewillnotchargeyouanyearlywithdrawalfees.TheproviderofanInvestmentProductmaycharge

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anearlywithdrawalfeeandyoushouldchecktherelevantInvestmentProductTerms.IfCitihasprocessedanytransactionthatislikelytocompletebeyondthedateoftermination,Citimayatitsdiscretion,actingreasonably,closeoutorcompletesuchtransactionandshallbeentitledtoretainsufficientfundsorAssetsforthispurpose.

1.5.7 YoushallberesponsibleforanymarketlossesnecessarilyrealisedinsettlingorconcludingoutstandingobligationswhentheseTermsofBusinessareterminated.

1.5.8 TerminationoftheseTermsofBusinessshallnotaffecttherepaymentofanyDebtalreadyincurredbyyoutoCiti.

1.6 No waiver and severability

1.6.1 YouagreethatnodelayinusenforcingourrightsundertheseTermsofBusinesswillbeconstruedasawaiverofourrights.OnlyawrittenwaiversignedbyCitiwillbevalid.

1.6.2 Inaddition,ifanypartoftheseTermsofBusinessisfoundtobeunenforceablebyacourt,therestoftheTermsofBusinesswillstandandbereadasifthatpartwerenotincluded.

1.7 Monitoring and recording

1.7.1 Alltelephoneconversationsandelectroniccommunicationsbetweenyouandusthatresultormayresultintransactionsinfinancialinstrumentswillberecorded.Thismaybewithoutuseofawarningthataspecificconversationisbeingrecorded.

1.7.2 Acopyofthetelephonerecordingsorelectroniccommunicationsreferredtoinclause1.7.1willbeavailabletoyouonrequestforaperiodoffiveyearsfromthedateofthecommunicationand,whererequestedbytheFCAorotherCompetentAuthority(asdefinedintheFCARules),foraperiodofuptosevenyears.

1.7.3 Withoutprejudicetoclause1.7.1,toensurethatyourinstructionsarecarriedoutaccurately,tohelpcontinuallyimprovetheserviceandintheinterestsofsecurity,wemaymonitorandrecordtelephoneandvideoconferencecallswithyou.

1.7.4 Weshallhavetheauthoritytodelivercopiesoftranscriptsofsuchrecordingstoanycourtorregulatoryauthorityofcompetentjurisdictionasweseefitandyouherebywaiveanyobjectiontotheuseofanysuchrecordingsasevidenceofanysuchtelephoneconversation.

1.7.5 Monitoringiscarriedoutonlyforlawfulbusinesspurposesincluding:toestablishtheexistenceoffactsrelevanttothebusiness;toascertaincompliancewithregulatoryandself-regulatorypracticesandproceduresthatarerelevanttothebusiness;toascertainordemonstratestandardsthatemployeesachieveoroughttoachievewhenusingthecompany’stelecommunicationssystems;topreventordetectcrime;toinvestigateordetectunauthoriseduseofbusinesspremisesand/orthetelecommunicationssystems;andtoensuretheeffectiveoperationofthecommunications.

1.8 Your information and how we use it

1.8.1 Youmustprovideuswithsuchinformationaswemayreasonablyrequirefromtimetotime,andmustupdatethatinformationaswereasonablyrequirefromtimetotime,toenableusoranyCitigroupOrganisationtocomplywithanyApplicableLaw.Youmustcontactusimmediatelyoratthelatestwithin30daysifatanytimeinthefuturethereisamaterialchangetoinformationyouhavepreviouslyprovidedtous.

1.8.2 Exceptwherewehavebeennegligentorfraudulentorinwilfuldefault,weshallhavenoresponsibilitytoyouifanyinformationweholdaboutyouisorbecomesinaccurateorincomplete.

1.8.3 FOR INFORMATION EXPLAINING HOW CITI COLLECTS AND USES PERSONAL INFORMATION, PLEASE SEE OUR CONSUMER BANKING PRIVACY STATEMENT WHICH YOU CAN VIEW AT: citibank.co.uk/privacy

1.8.4 Youhavetherightofaccesstoyourpersonalrecordsheldbycreditandfraudagencies.PleasecontactCitiPhoneon0800005500ifyouwouldlikedetailsoftheagenciesweuse.Thesesourcesmayvarydependingonthedifferenttypesoftransaction.

1.8.5 Theinformationreferredtoinclause1.8.3abovemayrelatetoyou,asourindividualcustomer,ortootherindividualswhosepersonalinformationyou(orsomeoneonyourbehalf)mayprovidetousinconnectionwithyourAccountsorourrelationship.BeforeprovidinguswithinformationaboutsuchotherindividualsyoumustnotifythemoftheConsumerBankPrivacyStatementandwhererequired,obtaintheirconsenttotheuseandotherprocessingoftheirpersonalinformation.

1.9 Compensation

1.9.1 TheIrishInvestorCompensationScheme(the“IrishScheme”)providescompensationincertaininstanceswhereCitiisunable,orlikelytobeunable,tosatisfyprotectedclaimsagainstit.Insuchcircumstances,theIrishSchememayprovidecompensationforclaimsrelatingtoinvestmentandinsurancemediationservicesprovidedbyCiti.However,theIrishSchemeisgovernedbyspecificrulesoncompensationwhichdetermineyoureligibility,thecircumstancesinwhichcompensationwillbeavailabletoyouandthelimitsoncompensationpayabletoyou.AnyrecoveryundertheIrishSchemeisthereforesubjecttoyourspecificcircumstances,thenatureofyourclaimandthespecificrulesoftheIrishScheme.

1.9.2 Inrelationtoanyinvestmentinstrumentsbelongingtoyou,andheld,administeredormanagedbyus(includingcertainassetsinconnectionwithinsurancemediationservicesprovidedtoyoubyus),intheeventthatCitiisunabletomeetitsobligationstoitsclients,youmaybeentitledtoclaimcompensationequivalentto90%ofthevalueofthoseassetsuptoamaximumof€20,000undertheIrishScheme,inaccordancewiththeIrishInvestorCompensationAct1998,asamendedfromtimetotime.

1.9.3 WhereCitiisresponsiblesolelyforarrangingforyoutoenterintoanInsuranceProductwithanotherprovider(thethirdpartyinsurer),youshouldbeawarethattheIrishSchemewillonlycoverasituationwhereCiticannotmeetitsobligationsandnotwherethethirdpartyinsurerisunabletodoso,unlessthatthirdpartyinsurerisseparatelycoveredbytheIrishScheme.

1.9.4 Wewillprovidefurtherinformationontheconditionsgoverningcompensationandtheformalitieswhichmustbecompletedtoobtaincompensationuponrequest.AdditionalinformationontheIrishSchemeisavailablefromtheIrishScheme’swebsite:www.investorcompensation.ie,CitialsohassupplementalcoverundertheUKFinancialServicesCompensationScheme(the“UK Scheme”)inrelationtotheinvestmentandinsurancemediationservicesprovidedbyCiti.Assuch,totheextentyouhaveaclaimwhichexceedsthelimitoftheIrishScheme,youmaybeeligibleto‘topup’yourclaimundertheUKSchemeuptothelimitssetbytheUKScheme.AsatNovember2017,theUKSchemelimitforprotectedinvestmentbusinessissetat100%of£50,000perpersonperauthorisedfirm.Forprotectednon-investmentinsurancemediation,asatNovember2017,theUKSchemeprovidescoverfor100%ofavalidclaimwithnoupperlimitwheretheclaimisinrespectof:

(a) aliabilitysubjecttocompulsoryinsurance;or(b) aRelevantOmissioninrespectofaprofessionalindemnity

insurancecontract;or(c) aRelevantOmissioninrespectofcertaingeneral

insurancecontractsandarisesfromthedeathorincapacityofthepolicyholderduetoinjury,sickness,orinfirmity;or

(d) aRelevantOmissioninrespectofapureprotectioncontract.

Inotherprotectednon-investmentinsurancemediationcases,theUKSchemeprovidesforthereturnof90%ofavalidclaimwithnoupperlimit.

AdditionalinformationontheUKSchemeandeligibilitytoclaimisavailablefromtheUKScheme’swebsite:www.fscs.org.uk,oryoucancontacttheUKSchemeat:

FinancialServicesCompensationScheme 10thFloor,BeaufortHouse 15StBotolphStreet LondonEC3A7QU

Tel:08006781100or+442077414100 Email:[email protected]

1.10 Complaints

1.10.1 IfyouareunhappywithanyaspectsoftheservicesprovidedundertheseTermsofBusiness,wehaveproceduresinplacetodealwithyourconcernseffectively.Youshouldbringyourcomplainttoourattentionbycontactingus.Youcancontactusinwritingat:CitibankEuropeplc,UKBranch,ComplaintOfficer,POBox4012,SwindonSN44JZ,orbytelephoneon0800005500.Citiwillaimtodealwithanycomplaintspromptlyandfairly.Acopyofourcomplaintsprocedureis

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availableonrequest.Ifyouremainunhappyafteryouhavegivenusthechancetoputthingsright,youmaybeabletocontacttherelevantOmbudsman.

1.10.2 ForUKcustomerstherelevantOmbudsmanwillbe:

TheFinancialOmbudsmanService ExchangeTower

LondonE149SRUnitedKingdom

Tel:+442079641000Email:complaint.info@financial-ombudsman.org.ukwww.financial-ombudsman.org.uk

1.10.3 CustomersnotresidentintheUKmayapplytotheUKFinancialOmbudsmanService(asabove)whomayacceptyourcomplaintorreferyoutotheIrishFinancialServicesOmbudsman:

TheFinancialServicesOmbudsman 3rdFloor LincolnHouse LincolnPlace Dublin2,D02VH29 Ireland

Tel:+35316620899 Email:[email protected] www.financialombudsman.ie

YoumayalsoapplytotheIrishFinancialServicesOmbudsmandirectlyinstead.

1.11 Limits on liability of Citigroup Organisation

1.11.1 Interveningevents/eventsbeyondourreasonablecontrol:ExcepttotheextentrequiredbyApplicableLaw,Citishallnotbeliableforanyactoromission,orfailureordelayinexecutinganinstruction,causedbycircumstancesbeyondCiti’sreasonablecontroltoprevent,suchasactsofGod,fires,strikes,terrorism,powerfailures,interventionbyexchangesorregulators,courtorders,oranyfailureorerrorofanyequipment,computersystem,telecommunications,intermediary,agent,exchange,orcounterpartynotreasonablywithinourcontrol.

1.11.2 WewillnotbeliabletoyouforanyfailuretoperformourobligationsundertheseTermsofBusinesswhereperformanceofthatobligationwouldhaveputusoranyotherCitigroupOrganisationorourortheirthirdpartyserviceprovidersinbreachofApplicableLaworanyregulatoryduty.

1.11.3 Wewillnotbeliabletoyouinanycircumstancesfor:

1.11.3.1 lossofbusiness,lossofgoodwill,lossofopportunity,lossofprofit;or

1.11.3.2 anylosstoyouthatwecouldnotreasonablyhaveanticipatedwhenyougaveusaninstructionundertheseTermsofBusiness.

1.11.4 NothingintheseTermsofBusinesswillexcludeorlimitanyliabilitywehaveasaresultofactingfraudulentlyornegligentlyorourfraudulentmisrepresentationorwilfuldefault;orunderanylegaldutywehavetoyou;orinrespectofanyliabilitythatwearenotallowedbylawtoexclude.

1.11.5 WherethirdpartiesareusedbyyouorbyusonyourbehalfpursuanttotheseTermsofBusiness(forexample,athirdpartyCustodian),theymayacceptdifferentliabilitytoyoufortheparticularservicethattheyoffer.Thefullextentoftheirliabilitywillbesetoutintheirtermsofbusinesswithyou,whichyoushouldreadcarefully.

1.12 Fees, expenses and benefits

1.12.1 TheKeyFactsDocumentandtheInvestmentCostsandChargesIllustrationcontaininformationaboutfees,charges,commissionsandminimumbalancerequirements.

1.12.2 Youagreetopayallofthefees,charges,stampduties,valueaddedandothertaxes,legalandvaluationfees,andothercostsandexpenses(“Expenses”)inrelationtotheservicesweprovidetoyouundertheseTermsofBusinessandassociatedwiththeoperationofanyInvestmentAccountandanyserviceCitiorathirdpartyCustodianprovidesforyou.

1.12.3 UndertheFCARuleswearerequiredtoaggregatecertaincostsandchargesinformation.Youareentitledtorequestanitemisedbreakdownofsuchinformation.

1.12.4 Clause1.13containsfurtherinformationabouttaxes(pleasethereforerefertoclause1.13inthisregard).

1.12.5 Inducements

1.12.5.1 Wemay,fromtimetotime,wherepermittedunderApplicableLaw,giveorreceivemonetaryornon-monetarybenefitstoorfrom(orsharethemwith)otherCitigroupOrganisationsorthirdpartiesinrelationtotheprovisionofanyserviceprovidedtoyouorinvestmentsmadeundertheseTermsofBusiness,whichwillbenotifiedtoyouasrequiredbyApplicableLaw.

1.12.5.2 FurtherinformationontheabovearrangementsisavailablefromyourRelationshipManager.

1.13 Taxes

1.13.1 Interestwepayyou,andinterest,dividendsandotherincomeandcapitalgainsfrominvestmentsmaybesubjecttotaxes,includingWithholdingTaxandsimilarcollectedamountsunderApplicableLaw.Youagreethatwemaywithholdtheamountofthesetaxesorcollectedamountsfrompaymentstoyouorforyouraccountoranyaccount.IfyouravailableAssetswithusdonotcoveryourliability,youagreetoprovideusondemandwithanyadditionalfundsrequired.

1.13.2 YouaresolelyresponsibleforpayingtaxesorreimbursingWithholdingTaxorsimilarcollectedamountsrelatedtoyouraccountsorarisingfromthepurchaseorsaleofyourpropertyorotherinvestments.Inaddition,youareresponsibleforanystamporexcisetaxesorestatetaxesassociatedwithyouraccounts.Ifwepayanyofthesetaxesforyou,youagreethatwemaydeducttheamountpaiddirectlyfromtheaccounts.Youshallpaytousanamountequaltotheloss,liabilityorcostwhichwedeterminehasbeen(directlyorindirectly)sufferedfororonaccountoftaxorsimilaramountbyusinrespectofyouraccountsorarisingfromthepurchaseorsaleofpropertyorotherinvestments.

1.13.3 Inaddition,youunderstandthatwehavenoobligationtoreclaimforyouanyexcesstaxesorotheramountswithheld.

1.13.4 AnyamountwithheldbyusshallbepaidinatimelyfashiontotherelevantAuthorityinaccordancewiththerelevantApplicableLaw.Youshallbenotifiedofanysuchwithholdingassoonasreasonablypracticable.Youacknowledgethatwewillnotberequiredtoreimburseyouforanyamountwithheldordeductedbyanythirdpartywithintheglobalpaymentsysteminfrastructure.

1.13.5 Youconfirmtousthatyouhaveprovidedtoandsecuredfromanypersonthatwillownabeneficialinterestinapaymentfromusanynotices,consentorwaivernecessarytopermitus,anyCitigroupOrganisation,andourandtheirserviceproviderstocarryouttheactionsdescribedinthisprovision.

1.13.6 THELEVELOFTAXYOUPAYWILLDEPENDONYOURINDIVIDUALFINANCIALCIRCUMSTANCESANDMAYCHANGEINFUTURE.

1.13.7 IMPORTANTTAXINFORMATION:IfyouareaUSpersonyoumustprovideuswithavalid,signedFormW-9.Ifyoudonotprovideuswithavalid,signedFormW-9within30daysfollowingourrequesttodoso,wemayterminatetheseTermsofBusinessorcloseanInvestmentProductorInsuranceProductbygivingyounoticeinaccordancewithclause1.5.

1.14 Conflicts of interest

1.14.1 InthecourseofCitiprovidingservicestoyouundertheseTermsofBusiness,certainactualorpotentialconflictsofinterestmayarise.AsrequiredbytheMiFIDRegulations,CitihasestablishedaConflictsofInterestPolicywhichsetsoutthepolicyfollowedbyCitiinordertoidentifyandtopreventormanagesuchconflicts.

1.14.2 BywayofexamplethesituationsinwhichconflictsofinterestmayarisearewhereweoranotherCitigroupOrganisationare:

1.14.2.1 dealinginarelevantinvestment,arelatedinvestmentoranassetunderlyinganinvestment,whetherasprincipalforitsownaccountorforathirdparty;

1.14.2.2 dealingwithorusingtheservicesofanintermediatebrokerorotheragent,whomaybeanotherCitigroupOrganisation,whilesellingtoorbuyingfromyou;

1.14.2.3 matchingatransactionforyouwithatransactionforanotherclientwhileactingonbehalfofbothyouandtheotherclient;

1.14.2.4 buyingfromyouandimmediatelysellingtoanotherclient,orvice-versa;

1.14.2.5 holdingaposition(includingashortposition)inanInvestmentProductinwhichyouhaveinvested,arelatedinvestmentoranassetunderlyingtheinvestment;

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1.14.2.6 quotingpricestothemarketinanInvestmentProductinwhichyouhaveinvested,arelatedinvestmentoranassetunderlyingtheinvestment;

1.14.2.7 buyingorsellingunitsinacollectiveinvestmentschemewherewe(oranotherCitigroupOrganisation)arethetrustee,custodian,depositary,administrator,operatorormanager(oradvisertothetrustee,operatorormanager)ofthescheme;

1.14.2.8 advisingon,buying,sellingorrecommendingforyourInvestmentAccountsecuritiesofcompanieswhichhavedirectorsorofficerswhoarealsodirectorsorofficersofCitigroupOrganisationsorhavebankingorotherrelationshipswithCitigroupOrganisations;

1.14.2.9 beinginvolvedasanunderwriterorothercapacityinatake-over,newissueorothertransactioninvolvinganInvestmentProductinwhichyouhaveinvested,arelatedinvestmentoranassetunderlyingtheinvestment;and/or

1.14.2.10 advisingandprovidingotherservicestoCitigroupOrganisationsorotherclientswhomayhaveinterestsininvestmentsorunderlyingassetswhichconflictwithyourinterests.

Wewillassumethatyoudonotobjecttoouractingonthebasissetoutinthisclause1.14.2.

1.14.3 AsummaryoftheCitiConflictsofInterestPolicycanbefoundinSectionTwooftheseTermsofBusiness.ThesummaryoftheCitiConflictsofInterestPolicymaybeamendedfromtimetotime.WewillnotifyyouinadvanceofanymaterialchangestothesummaryoftheCitiConflictsofInterestPolicy.

1.14.4 SaveasrequiredbytheApplicableLaw,weshallnotbeobligedtodisclosetoyou,ortotakeintoconsideration,anyfact,matterorfindingwhichmightinvolveabreachofdutyorconfidencetoanyotherperson,orwhichcomestothenoticeofanyofourdirectors,officers,employeesoragentsbutdoesnotcometotheactualnoticeoftheindividualorindividualsdealingwithyou.

1.14.5 WherethearrangementsundertheCitiConflictsofInterestPolicytopreventormanageaparticularconflictarenotsufficienttoensurewithreasonableconfidencethattheriskofdamagetoyourinterestswillbeprevented,wewillprovideyouwithaspecificdescriptionoftheconflictsofinterestandexplainthegeneralnatureand/orsourcesoftheconflictsofinterest,aswellastherisksthatariseasaresultoftheconflictsofinterestandthestepstakentomitigatethoserisks.Thespecificdescriptionwillbeinsufficientdetailtoenableyoutomakeaninformeddecisionastowhethertoproceed.

1.14.6 Wemayalsodeclinetoactforyouwherewebelievethereisnootherpracticablewayofensuringthatyouandourotherclientsaretreatedfairly.

1.14.7 Wherewehavearrangedforathirdpartytoprovideservicestoyou,theymayhaveseparateactualorpotentialconflictsofinterestthatmayarise.Itistheresponsibilityofanysuchthirdpartytoprovideyouwithinformationregardingtheirpolicytowardsconflictsofinterest.

1.15 Non-public information

Citiisprohibitedincertaincircumstances(forexample,whereitissubjecttoconfidentialityobligations)fromusinginvestmentinformationthatisknowntoaCitigroupOrganisationbutnotgenerallyavailabletothepublic.Youagreethat,inthosecircumstances,CitiisnotresponsibleforanylossestoyourInvestmentAccountthatresultfromCitiwithholdingthisinformation.

1.16 Citi Online

1.16.1 CitiOnlineallowsyoutoviewdetailsofyourInvestmentAccountsandgiveuselectronicinstructionsbyusingyourcomputerorotherelectronicdeviceprovidinginternetaccessandyourchosenusername,passwordandothersecurityinformation.

1.16.2 TheactivitiesthatcanbeperformedthroughCitiOnlinemayvaryfromtimetotime.Additionalguidanceonhowtousetheserviceisprovidedonourwebsiteatwww.citibank.co.ukorsuchotherwebsiteasisnotifiedtoyou.

1.16.3 YoucanuseCitiOnline24hoursaday(subjecttoavailabilityasexplainedfurtherinclause1.16.11)andwewillendeavourtocarryoutyourinstructionspromptly.However,certaininstructionswillonlybecarriedoutduringourbusinesshoursorexchangetradinghoursasappropriate.

1.16.4 YouinstructustocomplywithanyinstructionsgiventousthroughCitiOnlineandifwearegiventhoseinstructionsbymeansofyourusernameandpassword,weshallbeentitledtoassumethatthoseinstructionsaregivenbyyou.

1.16.5 YouwillberesponsibleforanycostsassociatedwithusingtheinternettoaccessCitiOnline.WemakenopromiseswithrespecttoeitherthespeedortheresolutionofCitiOnlineoryourabilitytogainaccesstoCitiOnlinefromanyparticularelectronicdeviceorlocationoratanyparticulartimeorforanyparticularpurpose.

1.16.6 CitiOnlinecanonlybeaccessedthroughbrowserswith128bitencryptioncapabilities.Theuseofsuchlevelsofencryptionmaybeconsideredillegalinsomejurisdictions.ItisyourresponsibilitytoensurethatyourabilitytouseCitiOnlineispermittedbythelawapplicabletowhereyouarelocatedwhenyouuseCitiOnline.WeshallnotberesponsibleforanylossordamagesufferedbyyouasaresultofnotbeingabletouseCitiOnlineinthesejurisdictions.

1.16.7 WehavetakenallreasonablestepstoensurethattransmissionspassingtoandfromCitiOnlineremainconfidentialandnotinterferedwith.However,byusingCitiOnlineyouacknowledgethatwecannotcompletelyguaranteetheprivacyorconfidentialityofanyinformationpassingovertheinternetorthatsuchinformationwillnotbeinterferedwith.

1.16.8 OnceyouhaveloggedontoCitiOnline,youmustnotatanytimeleaveyourcomputerorelectronicdeviceunattendedorallowanyoneelsetouseyourcomputerorelectronicdeviceuntilyouhaveloggedoff.Youwillberesponsibleforensuringthatyouhaveloggedoffattheendofeachsession.

1.16.9 YoumustnotaccessCitiOnlinefromanycomputerconnectedtoalocalareanetworkoranypublicinternetaccessdeviceoraccesspointwithoutmakingsurethatno-oneelsewillbeabletoobserveorcopyyourusername,passwordorothersecurityinformation.

1.16.10 Youmustneverrecordyourpasswordonanysoftwarewhichretainsitautomatically,forexampleany‘savepassword’featureonyourinternetbrowser.

1.16.11 WemaysuspendCitiOnlineoranypartofitwithoutnoticewhereweconsideritreasonablynecessarytodoso,forexamplewherethereisasuspectedbreachofsecurityortocarryoutmaintenance.TheremayalsobeotherinstancesofplannedorunplanneddowntimeduringwhichCitiOnlineisnotavailable,andwecannotpromisethatCitiOnlinewillbeinoperationatanyparticulartime.WewillinformyouthroughourwebsiteifCitiOnlineoranypartofitbecomesunavailable.

1.16.12 YouacknowledgethatyourCitiOnlinepassword,usernameandothersecurityinformationareuniquetoyouandcanbeusedbyyoutotransactonyourInvestmentAccountandgiveusinstructions,andyoupromisetokeepthesedetailssecretandtocomplywithanyadditionaltermsandconditionswhichapplytoCitiOnlinewhichmaybeprovidedtoyouseparately.

1.17 No tax advice

YouacknowledgethatyouaresolelyresponsibleforacquiringappropriateindependenttaxadviceregardinganytransactionsyouenterintopursuanttoorundertheseTermsofBusinessandthatnothingintheseTermsofBusinessorinanyotherwrittenornon-writtencommunicationbetweenyouandusoranyotherassociatedcompanyconstitutesadvicerelatingtotaxortothesuitabilityfromataxplanningperspectiveofanystrategyorinvestmentortoyourcompliancewithApplicableLaw.

1.18 Governing law

1.18.1 TheseTermsofBusinessandanydisputeorclaimarisingoutoforinconnectionwiththemortheirsubjectmatterorformation(includingnon-contractualdisputesorclaims)shallbegovernedbyandconstruedinaccordancewiththelawsofEnglandandWales.

1.18.2 AnylegalactionorproceedingsarisingoutoforinconnectionwiththeseTermsofBusiness(whetherarisingoutoforinconnectionwithcontractualornon-contractualobligations)(“Proceedings”),shallbedealtwithbythecourtsofEnglandandWalesoranyothercourtintheUnitedKingdomwhichisabletohearthecaseunlessyouresideinanothercountryintheEuropeanEconomicArea,inwhichcasethesecourtswillhavenon-exclusivejurisdiction(whichmeansthatadisputemaybeheardinthecourtsofthecountryoftheEuropeanEconomicAreainwhichyoulive).

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1.19 Assignment and transfer

1.19.1 WemaytransferanyofourrightsorbenefitsandyourliabilityundertheseTermsofBusinesstoanyotherperson,providedthatthiswillnotimpactyourrightsundertheseTermsofBusinessandthetransfereeisofcomparablecapability,reputationandfinancialstandingtous.

1.19.2 WemayarrangeatanytimeforanyotherpersontocarryoutourdutiesundertheseTermsofBusiness,orifwereasonablyconsideritnecessarytocomplywithanyApplicableLaw,totransferourdutiestoanotherCitigroupOrganisationifthetransferdoesnotmateriallyaffecttheservicesweprovidetoyouandthetransfereeisofcomparablecapability,reputationandfinancialstandingtous.Ifwedoso,wewillnotifyyouandthetransferwilltakeeffect14days(oralaterdateifwestatethisinthenotice)aftersuchnotificationunlessyounotifyusofyourobjectioninwritingwithin14days.Oncethetransferhastakeneffect,weshallnolongerhaveanyobligationstoyouinrelationtotheseTermsofBusiness.

PART 2: OUR INVESTMENT SERVICES

2. INVESTMENT SERVICES

2.1 General

2.1.1 ThisPart2setsoutthebasisonwhichCitiwillprovideyouwithInvestmentServices.TheprovisionscontainedinthisPart2applytoallInvestmentProductsunlessotherwisestated.

2.1.2 Ourinvestmentservicesaregenerallyofferedinrelationtothefollowinginvestmentproducts:equities(e.g.shares),depositaryreceipts,unitsinregulatedcollectiveinvestmentschemes,InvestmentLinkedLifeInsurance,fixedincome(e.g.corporatebondsandgovernmentbonds),andstructuredproducts(e.g.structurednotes).

2.2 Account Relationship Types

2.2.1 WewouldliketodescribetheAccountRelationshipTypesavailabletoyou.ThetypesofproductsandservicesyoumayreceivewithanaccountdependsontheAccountRelationshipTypewhichyouhavewithus.TheAccountRelationshipTypesforwhichyouareeligiblewilldependontheinformationyouchosetoprovideuswithinrelationtoyourpersonalcircumstancesandInvestmentProductcategoryknowledgeandexperience.Generallyspeaking,ifyoureceive,orhavepreviouslyreceived,anyadvicefromus,youhaveanAdvisedAccountRelationshipwithus,andifyoudonotreceive(andhaveneverreceived)anyadvicefromus,youhaveaNon-AdvisedAccountRelationshipwithus.IfyouareunsurewhichAccountRelationshipTypeyouhavewithus,youcancallCition0800005500toconfirm.

2.2.1.1 Advised Account Relationship

2.2.1.1.1 InanAdvisedAccountRelationship,youwillbeabletoreceiveadviceunderourInvestmentAdvisoryServices.Youmayalsobeabletocarryoutnon-advisedtransactionsinrelationtoanumberofInvestmentProducts.YoucanobtaindetailsoftheseInvestmentProductsfromyourRelationshipManager.

2.2.1.1.2 Wewillnotadviseyouaboutthemeritsofaparticulartransactionifwereasonablybelievethat,atthetimeofyourorder,youarenotexpectingsuchadviceandaredealingonanexecution-onlybasis.

2.2.1.2 Non-Advised Account Relationships (No recommendations, advice or solicitations)

2.2.1.2.1 InaNon-AdvisedAccountRelationship,weprovideyouwithaccesstoaninvestmentplatformsolelytoallowfortheexecutionofnon-advisedorunsolicitedtransactions(pertainingtoamorelimitedrangeofInvestmentProductsthanareavailableinanAdvisedAccountRelationship).Wereceiveafeeinconnectionwiththeexecutionofsuchtransactions.Portfolioreviewsandportfolioassessmentsarenotprovided,giventhenatureoftheaccount.TheclientprofileforaNon-AdvisedAccountRelationship,inadditiontopersonalinformation,willconsistonlyofinformationrelatedtoyourproduct-categoryknowledgeandexperiencesoastoestablishtherangeofInvestmentProductsavailabletoyouwithinyourInvestmentAccount.

2.2.1.2.2 OurNon-AdvisedServicesincludebuyingandsellinginvestmentsforyourInvestmentAccount(andswitching

investmentswhereapplicable),solelyinresponsetoyourinstructionsbutsubjectalwaystoanyrestrictionsimposedbytheseTermsofBusinessorApplicableLaw.Onreceiptofyourinstructionswewillarrangeforthepurchaseorsaleofinvestmentsusinganymarket,exchangeorfacilityCiticonsidersappropriate,unlessyouinstructusotherwise.

2.2.1.2.3 YoumaynotbeabletoaccessthefullrangeofCitiInvestmentProductsthroughaNon-AdvisedAccountRelationship.

2.3 Linked accounts

2.3.1 YourInvestmentAccountmustbelinkedtoaBankAccountinthesamename(s).

2.3.2 WhenyouopenanewInvestmentAccount,wewilllinkyournewaccounttoyourexistingBankAccount.IfyouhavemorethanoneBankAccount,wewilllinktotheaccountwhichwenominate.ThisistheaccountfromwhichwewilldeductthepurchasepriceofanyInvestmentProductorInsuranceProductwhichyoupurchasethroughusaswellasourfeesandcharges.

2.3.3 YoumayaskforyourInvestmentAccounttobelinkedtoadditionalBankAccountsinthesamename(s),ortochangewhichofyouraccountsarelinkedtoyourInvestmentAccount,andwewillaccommodatereasonablerequestswherethisiscompatiblewithoursystems.

2.4 Minimum lump sum investment amounts

2.4.1 Theminimumlumpsumwhichmaybeinvestedis:

2.4.1.1 £1,000perFundifyouinvestinFundsviaCitiOnline;or

2.4.1.2 £25,000(intotal)ifyouinvestinanInvestmentLinkedLifeInsuranceProductthroughaRelationshipManager;or

2.4.1.3 £10,000(intotal)ifyouinvestinanyotherproductthroughaRelationshipManager.

2.5 Regular investments

2.5.1 RegularinvestmentcontributionscanbemadefromyourBankAccountonly.ThesewillbecollectedfromyourBankAccountonthedateweagreewithyouwhenyousetupyourregularcontributionarrangements.

2.5.2 IfyouestablisharegularinvestmentplantoinvestinFunds,theminimumregularinvestmentamountis£500perFund(regardlessofwhetheryousetupyourregularinvestmentplanviaCitiOnlineorthroughaRelationshipManager).

PART 2A: INVESTMENT ADVISORY SERVICES

ThetermssetoutinthisPart2AapplytoyouonlyifyouhaveanAdvisedAccountRelationshipwithus.

2.6 Investment objectives

2.6.1 BeforeprovidingyouwithourInvestmentAdvisoryService,CitiwillrequireyoutocompleteaWealthPlanner,inwhich,amongstotherthings,youcommunicatetoCitiyourfinancialsituation,investmentobjectives,risktoleranceandknowledgeandexperienceofinvestments.

2.6.2 Youmustcontactusimmediatelyoratthelatestwithin30daysifatanytimeinthefuturethereisamaterialchangetoanyoftheinformationdescribedinclause2.6.1.

2.6.3 UnlessotherwiseagreedandspecifiedintheWealthPlanner,therearenorestrictionsonthetypesofinvestmentinwhichyouwishtoinvest,oronthemarketsonwhichtransactionsmadebyyou,orforyou,aretobeexecuted.

2.7 Advised Account Relationship

2.7.1 AnAdvisedAccountRelationshipexistswhenyouuseourInvestmentAdvisoryServiceinrelationtoyourInvestmentAccount.WereservetherighttorefusetoprovideourInvestmentAdvisoryServiceifwehavereasonablegroundsfordoingso(forexample,wherewedeemthatyouhaveinsufficientknowledgeandexperienceoryouhaveprovidedinsufficientinformationtousorwherewereasonablyconsiderthatprovidingtheInvestmentAdvisoryServicetoyoumayresultinabreachofApplicableLaw).

2.7.2 AspartofourInvestmentAdvisoryServiceyouwillbeabletoreceiveinvestmentadvicefromusonatransaction-by-transactionbasisinrelationtoanumberofInvestmentProducts,aswellasExecutionServicesfortransactions

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inrelationtowhichyouhavereceivedinvestmentadvice.Whenweprovideyouwithsuchinvestmentadvice,itwillbe‘restrictedadvice’(asopposedto‘independentadvice’),whichmeansthatwewilladviseandmakearecommendationtoyouthatisbasedon,andtakesintoaccount,arestrictedrangeofInvestmentProducts,orInvestmentProductsfromonecompanyoralimitednumberofcompaniesandwhichmayhavebeenissuedorprovidedbyanotherCitigroupOrganisationoranentitywithcloselegaloreconomiclinkstoaCitigroupOrganisation.OurinvestmentadvicewillnotbebasedonacomprehensiveanalysisofallavailableInvestmentProductswithinagivenproductcategory.AlistofthecompaniesandproductsweofferourInvestmentAdvisoryServiceinrelationtoisavailableonourwebsitewww.citibank.co.ukorsuchotherwebsiteasisnotifiedtoyou.

2.7.3 Wherewe,pursuanttothisclause2.7,provideyouwithadviceinrelationtoafinancialinstrument,wewillassessthesuitabilityoftheinvestment.Thisistoenableustoactinyourbestinterests.Wewillassessthesuitabilityoftheinvestmentonthebasisofinformationyouprovidetousinaccordancewithclauses2.6and2.8.Accordingly,itisimportantthatyouprovideaccurate,up-to-dateandcompleteinformationtous.Incertaincircumstances,forexample,whereyouholdaJointInvestmentAccountorappointapowerofattorneyonyourInvestmentAccount,youacknowledgethatwemayassesstheknowledgeandexperienceoftheotherJointInvestmentAccountHolderoryourattorneyasapplicable,whenassessingthesuitabilityoftheinvestmentforyou.Thatotherpersonmayhaveahigherlevelofknowledgeandexperiencethanyou.Youacknowledgethatthisapproachmayresultinyouholdingfinancialinstrumentsthatweconsidertobesuitableforyoubutwhicharenotnecessarilyalignedwithyourownknowledgeandexperience.

2.7.4 YouwillpayusfortheInvestmentAdvisoryServicethroughourAdvisoryFeewhichissetoutintheKeyFactsDocument.TheAdvisoryFeewillbedeductedfromyourBankAccount,inadditiontothecostofyourInvestmentProduct,atthetimethatyourinvestmentintheInvestmentProductismade.

2.7.5 OurInvestmentAdvisoryServiceinvolvesadvisingyouaboutthemeritsofpurchasingaparticularInvestmentProduct.Unlessotherwiseagreedwithyou,wewillnotadviseyouaboutthemeritsofsellinganyofyourInvestmentProducts.

2.7.6 Thisisnotafiduciaryrelationship.Thismeansthatunlessotherwiseagreedwithyou,wewillnotbeunderanyobligationtoprovideon-goingadviceinrelationtoyourInvestmentProductsorthecompositionofyourinvestmentportfolio.Wewillbeundernoobligationtobringinvestmentopportunitiestoyourattentionortoupdatetheinformationorinvestmentadviceprovidedunlesswehaveagreedinwritingtomaintainyourportfolioundercontinuousreviewandprovidespecificrecommendationsfromtimetotime.

2.7.7 Whereweprovideyouwithinvestmentadviceinrelationtoafinancialinstrumentwewillprovideyouwithasuitabilityletter(the“Suitability Letter”)thatincludesanoutlineoftheadvicegiven,includinghowtheadvicemeetsyourobjectivesandpersonalcircumstances.

2.7.8 ThisSuitabilityLettershouldbeprovidedtoyoupriortothetransactiontowhichtheadvicereflectedintheSuitabilityLetterrelatesunlessitisconcludedusingameansofaDistanceCommunication,whichpreventsthepriordeliveryoftheSuitabilityLetter,inwhichcasewemayprovidetheSuitabilityLettertoyouimmediatelyafterthetransaction,providedthatyouconsenttoreceivingtheSuitabilityLetterwithoutunduedelayaftertheconclusionofthetransactionandyouaregiventheoptionofdelayingthetransactioninordertoreceivetheSuitabilityLetterinadvanceofthetransaction.

2.7.9 Wearenotobligedtoprovideperiodicportfolioreviews.Wemayprovideperiodicportfolioreviewsorresearchservicesonanadhocbasisatyourrequest.Anyperiodicportfolioreviewsand/orresearchservicesrequestedbyyouwillnotbeprovidedtoyouunless(a)itisrequiredbyApplicableLaw;or(b)wehavespecificallyagreedwithyouinwritingtoprovidesuchservice.

2.7.10 Intheeventthatwedoprovideanon-goingadviceserviceasdescribedinclauses2.7.6and2.7.9,wemaychargeanongoingfeepayablebyyouassetoutintheKeyFactsDocumentandtheInvestmentCostsandChargesIllustration.

2.7.11 Withoutprejudicetoclauses2.7.6,2.7.9and2.10inAdvisedAccountRelationships,wemay:

2.7.11.1 atourdiscretion,performregularorperiodicrisk-basedassessmentsoftransactionsoraccounts;and

2.7.11.2 asaresultoftheseassessments,suggesttoyouthatyoushouldnotexecuteagiventransaction.

2.7.12 Whereweprovideinformation,adviceorrecommendationsongeneralmarketconditions(asopposedtoinvestmentadviceorpersonalrecommendationsinrelationtoaparticularInvestmentProduct),wegivenorepresentation,warrantyorguaranteeastotheaccuracy,suitabilityorcompletenessoftheinformation,adviceorrecommendationsorastothetaxconsequencesofanytransaction.Wewillnotbeliableinrelationtosuchinformation,adviceorrecommendationsongeneralmarketconditionsexceptwherewehavebeennegligentinprovidingthemtoyou.

2.7.13 Unlesswespecificallyagreeotherwiseinwritingtoyou,youherebyacknowledgethat:

2.7.13.1 theadvicereferredtoinclause2.7.12aboveisprovidedsolelytoenableyoutomakeyourowninvestmentdecisions.Youwillbesolelyresponsibleforanyinvestmentdecisionsyoumakebasedoninformation,orguidanceprovidedbyus;and

2.7.13.2 anyguidancefromusdoesnotimplyanyendorsementorguarantee.

2.7.14 IfyouwanttomakeaTransactionAgainstAdvice,Citimayagreetoexecute(orarrangetohaveexecuted)yourorderevenifitiscontrarytoCiti’sadviceandunsuitableforyourneedsandwillinformyouthatthetransactionwillbeaTransactionAgainstAdvice.BeforeaTransactionAgainstAdviceisexecuted(orarrangedtobeexecuted)byCitiyouwillberequiredtosignaninvestmentexecutiondeclaration(orsuchotherwrittenconfirmationasCitimayrequirefromtimetotime)asevidencethatyouunderstandthatthetransactionisbeingmadeagainstadvicefromCiti.

2.7.15 Citiretainstherighttorefusetoexecute(orarrangetohaveexecuted)atransactionrequestedbyyouifwereasonablydeemthatyouhaveinsufficientknowledgeandexperiencetoclearlyunderstandtherisksassociatedwiththeproposedtransaction.Wewilltellyouassoonasreasonablypracticableintheeventthatwerefusetoexecute(orarrangetohaveexecuted)atransactionrequestedbyyou.

2.7.16 Termination of an on-going advice service: Youmaycancelanyon-goingadviceservice(describedinthisclause2.7)atanytimebygivingusnoticeinwriting,and/orselectinganalternativeinvestmentservice,and/orterminationoftheseTermsofBusinessinaccordancewithclause1.5.Feesmaycontinuetobepayableforotherservicesprovidedtoyou.

2.8 Your obligation to provide information

2.8.1 InorderforCititobeabletoprovideitsInvestmentAdvisoryServicestoyou,Citimayrequireyoutoprovideinformationrelatingtoyou,yourpersonalcircumstances(includingfinancialsituation),investmentobjectives,risktoleranceandyourknowledgeandexperienceofInvestmentProductsinorderforCititocomplywithourobligationsunderApplicableLaw.IfyoufailtoprovideCitiwithsuchinformationaswerequirefromyou,orifwebelievethattheinformationyouhaveprovidedisoutofdate,inaccurateorincomplete,CitiwillnotberequiredtoprovideyouwithitsInvestmentAdvisoryServicesundertheseTermsofBusiness.

2.8.2 WhereweprovideourInvestmentAdvisoryServicestoyou:

2.8.2.1 itwillbeyourresponsibilitytoupdatetheinformationwhichyouprovidetous.Inparticular,youmustcontactusimmediatelyoratthelatestwithin30daysifthereisamaterialchangetoanyoftheinformationyouhavepreviouslyprovidedtousinrelationtoyourprofile,includingtheinformationreferredtoinclause2.8.1;

2.8.2.2 youshouldreadallmaterials,disclosuresandconfirmationstatementsandonlyinvestinproductsandsigndocumentsthatyoufullyunderstand.Ifanypointsareunclear,oryouhaveanyquestionspleasecontactyourRelationshipManager.Althoughyoumaymakeinvestmentdecisionsbasedonguidanceorrecommendationsprovidedbyus,thedecisiontoproceedwiththeinvestmentissolelyyours;and

2.8.2.3 exceptwherewehavebeennegligentorfraudulentorinwilfuldefault,weshallhavenoresponsibilitytoyouifanyinformationweholdaboutyouisorbecomesinaccurateorincomplete,andthishasanadverseeffectonthequalityoftheserviceprovidedbyCiti.

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2.9 Investment Advisory Services in relation to Joint Investment Accounts

2.9.1 ItmaybepossibleforyoutoholdcertainInvestmentProductsjointlywithanotherpersoninaJointInvestmentAccount.InordertobeabletoprovidetheInvestmentServicetobothJointInvestmentAccountHolders,CitimayrequireeachJointInvestmentAccountHoldertoprovideuswithinformationrelatingtotheirpersonalcircumstances(includingfinancialsituation)investmentobjectives,risktoleranceandknowledgeandexperience.

2.9.2 AspartoftheapplicationforanInvestmentAccountorafinancialreview,CitiwillgenerallyasktheJointInvestmentAccountHolderstoconfirmbetweenthemwhichInvestmentAccountHolder’sfinancialsituation,investmentobjectivesandrisktoleranceshouldbeassignedtotheJointInvestmentAccount.ThisInvestmentAccountHolderwillbenominatedastheprimaryinvestorandCiti’sInvestmentAdvisoryServicewillbeprovidedinaccordancewiththeprimaryinvestor’sfinancialsituation,investmentobjectivesandrisktolerance.Theprimaryinvestor’sfinancialsituation,investmentobjectivesandrisktolerancemaybedifferentfromthatofthesecondaryInvestmentAccountHolderandthismayimpactthetypesofInvestmentProductsandservicesthattheJointInvestmentAccountHoldersmayhaveaccessto.JointInvestmentAccountHoldersmaychangetheInvestmentAccountHolderthatisnominatedastheprimaryinvestorbycontactingtheirRelationshipManager.

2.9.3 UnlesseachJointInvestmentAccountHolderhasinstructedusinanInvestmentAccountapplicationtoacceptonlyinstructionssignedbyallJointInvestmentAccountHolders,eachJointInvestmentAccountHolderhassufficientauthorityindividuallyto:

2.9.3.1 giveinstructionsofanykind,providedthat,iftheinstructionistopurchaseorsubscribeforaparticularInvestmentProduct,therelevantJointInvestmentAccountHolderhasproductspecificknowledgeandexperienceinrelationtotheproposedInvestmentProduct;

2.9.3.2 makedepositsorwithdrawals;

2.9.3.3 receivepayments,noticesordemands;

2.9.3.4 appointthirdpartiestooperatetheInvestmentAccount;

2.9.3.5 signanydocumentsoragreements;and

2.9.3.6 actontheirowninanyotherwayconcerningtheInvestmentAccountandtheseTermsofBusiness,andwemayrelyfullyonsuchindividualauthority.

2.9.4 YouagreethateachJointInvestmentAccountHolderwillbeindividuallyaswellasjointlyresponsibleforanyamountwhichmaybeduetousundertheseTermsofBusiness.Thismeansthatwecantakeactionagainstoneormore,orallJointInvestmentAccountHolders,regardlessofwhichJointInvestmentAccountHolderwasresponsiblefortheamountbecomingdue.

PART 2B: NON-ADVISED SERVICES

ThetermssetoutinthisPart2BapplytoyouonlyifyouhaveaNon-AdvisedAccountRelationshipwithus.

2.10 Non-Advised Services

2.10.1 OurNon-AdvisedServicesinvolveExecutionServicesfornon-advisedtransactions.

2.10.2 WhenweprovideNon-AdvisedServiceswewillnotprovideyouwithanyinvestmentadvice.Priortogivingusyourinstructions,youshouldreadallrelevantdocumentation(includingbutnotlimitedto,forexample,prospectusesandofferdocuments),makeanyindependentenquiriesandtakeanytaxorlegaladvicewhichyouconsidernecessarytomakeyourdecisiontoinvest.TheentryorexitofatransactionaspartoftheNon-AdvisedServicesisentirelyyourowndecision,andisnotbaseduponanyadviceorpersonalrecommendationmadebyusoranyotherparty.

PART 2C: FURTHER TERMS APPLICABLE TO INVESTMENT SERVICES FOR ALL RELATIONSHIP TYPES

ThetermssetoutinthisPart2CapplytoyouregardlessofyourAccountRelationshipType.

2.11 Your knowledge and experienceRegardlessofyourAccountRelationshipType,Citiretainstherighttorefusetoexecute(orarrangetohaveexecuted)atransactionrequestedbyyouifwedeemthatyouhaveinsufficientknowledgeandexperience(orhaveprovidedinsufficientinformationforustobeabletodetermineyourknowledgeandexperiencewithrespecttothetransaction)toclearlyunderstandtherisksassociatedwiththeproposedtransaction.

2.12 Joint Investment Accounts

2.12.1 ItmaybepossibleforyoutoholdcertainInvestmentProductsjointlywithanotherpersoninaJointInvestmentAccount.InorderforCititobeabletoprovidetheInvestmentServicetoyouinthisway,wemayrequireeachJointInvestmentAccountHoldertoprovideuswithinformationrelatingtothem.

2.12.2 TotheextentwearenotprovidedwithinformationrelatingtoaJointInvestmentAccountHolder’sknowledgeandexperience,thatJointInvestmentAccountHoldermaynotbeentitledtoreceiveanyInvestmentServices.

2.13 Investment Account statements

2.13.1 MonthlystatementsofthecontentsandvaluationofyourInvestmentAccountwillbeprovided(eitherbypostorwhereyouhaveconsentedforustodoso,throughCitiOnline)aspartofyourconsolidatedstatementcoveringallofyourbankingandinvestmentactivitieswithCiti(includingyourinvestments,anyclientmoneyandnon-cashassetsinourcustody).ThesestatementswillincludestatementsofincomeorotherbenefitsreceivedforyourInvestmentAccountanddetailsofthetransactionsthathavetakenplaceduringtherelevantperiod.Youshouldreviewthesestatementsonceyoureceivethemandinformusofanyinaccuraciesassoonaspossible.IfyouhaveaJointInvestmentAccount,thestatementsandvaluationswillbesenttotheprimaryInvestmentAccountHolderoftheJointInvestmentAccount.

2.13.2 Youmayrequestthatanadditionalone-offvaluationbesenttoyou.ThismayattractareasonablefeeatCiti’sdiscretiontocoverthecostofprovidingtheone-offvaluation.Valuationswillbebasedonthemarketvalueofthesecuritiesinquestionor,wheresuchmarketvalueisnotavailable,onCiti’sestimateofthemarketvalue(whichwillbeonabesteffortsbasis).

2.13.3 InrelationtosomeInvestmentProducts,whereyouconsenttousdoingso,CitimayalsoprovideormakeavailablevaluationsthroughCitiOnline.Youmayalsobeabletoaccessyourvaluationsthroughathirdpartyonlineportal.Wherethisapplies,theoptiontoaccessthethirdpartyonlineportalwillbeclearlysetoutintherelevantInvestmentProductTerms.

2.13.4 IfanInvestmentProductisshownataparticularvalueonyourstatement,thisdoesnotnecessarilymeanthatthesameamountcanberealisedifyoudecidetoliquidatethatInvestmentProduct.AstatementmayincludeInvestmentProductsvaluedatzerobecauseafairmarketpriceisnotavailable.Thismaybebecauseofasuspensionofthelistingoftheassets,defaultbytheissuerorotherreasons.Theabsenceofamarketpriceislikelytobeindicativeofalackofliquidity.

2.14 Client money

Schedule3containstheprovisionswhichgovernhowCitireceivesandholdsmoney.IfathirdpartyCustodianholdsclientmoney,thethirdpartyCustodianissubjecttotheApplicableLawintermsofholdingmoney,anditstermsofbusinesswithyouwillsetoutprovisionswhichgovernhowthethirdpartyCustodianreceivesandholdsclientmoney.

2.15 Delegation

2.15.1 Citimay,fromtimetotime,arrangeforanyoftheservicescontemplatedundertheseTermsofBusinesstobecarriedoutbyathirdparty.Atalltimes,CitiwilldothisincompliancewiththeApplicableLaw.

2.15.2 Whenenteringintoanyagreementorarrangementwithathirdparty,thethirdpartymayactasCiti’sagent,orCitimayenterintosucharrangementswiththethirdpartysuchthat

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theybecomeyouragent(sothatthereisadirectrelationshipbetweenyouandthethirdpartyserviceprovider).ByacceptingtheseTermsofBusiness,youauthoriseustoenterintosucharrangementsasyouragent.

2.16 Investment information

2.16.1 Unlessyouhaveinstructedusnotto,youagreethatCitimayprovideyou,fromtimetotime,withgeneralorspecificinformationbysendinglettersorcircularsorbycontactingyouatanyaddressortelephonenumberprovidedbyyou,inrespectofanyofthetypesofinvestmentlistedbelow:

2.16.1.1 cashaccountsortimedeposits;

2.16.1.2 sharesorotherformsofequityincompanies,anddebtinstrumentsissuedbygovernments,stateagencies,companies,utilitiesandotherissuersincludingissuesoroffersforsalethatareunderwritten,managedorarrangedbyaCitigroupOrganisation;

2.16.1.3 foreignexchangecontractsforspotorfuturesettlementorothercurrencyInvestmentProducts;

2.16.1.4 commodities;

2.16.1.5 options,warrants,depositaryreceipts,futurescontracts;orothertypesofinstrumentrelatingtotheabovetypesofinvestmentortostockindexes,interestratesorotherinvestmentsorchangesintheirvalueorrelativevalue;and

2.16.1.6 unittrusts,funds,includingthosewhichmaybeoperated,managedoradvisedbyaCitigroupOrganisation.

2.17 Power of attorney (agent or proxy-holder)

2.17.1 WhereyouuseourInvestmentServicesandyoulegallyappointathirdpartytoactonyourbehalfinrelationtothoseInvestmentServices,CitiwillrequiresuchindividualtoprovideuswithinformationrelatingtotheirknowledgeandexperienceinorderforustoprovidetheInvestmentServices.

2.17.2 Ifwereasonablybelievethatthethirdparty’slevelofknowledgeandexperienceislowerthanthatoftheInvestmentAccountHolder(ortheprimaryinvestorinthecaseofJointInvestmentAccounts),orisoutofdate,inaccurateorincomplete,CitiwillnotberequiredtoprocessanytransactionauthorisedbythethirdpartyonyourbehalfinrelationtoInvestmentProductsundertheseTermsofBusiness.Citiwilltellyou(orthethirdpartyappointedtoactonyourbehalf)ifthisisthecase.

EXECUTION SERVICES

2.18 Investment instructions

2.18.1 Youagreethat:

2.18.1.1 eachorderyouplaceisbasedonyourowninitiativeandfinancialjudgement,whetherornotyoubasethoseordersoninformationoradviceprovidedthroughourInvestmentAdvisoryServices;

2.18.1.2 exceptwheretherehasbeennegligence,fraud,fraudulentmisrepresentationorwilfuldefaultonthepartofCitiorathirdparty(forexample,athirdpartyCustodian),youacceptfullresponsibilityforallrisksandlossesassociatedwiththeordersplaced,whetherornotyoubasethoseordersoninformationoradviceprovidedbyCitithroughourInvestmentAdvisoryServices;

2.18.1.3 purchaseorsaleinstructionsforInvestmentProductsaresubjecttoallapplicablemarketrulesandregulationsandApplicableLaw;and

2.18.1.4 CitiwillnotexecuteorderstobuyInvestmentProductsorarrangeforsuchorderstobeexecutedunlessyouhold,oryouhavearrangedforCititohold,thenecessaryfundsintheBankAccount(s)linkedtoyourInvestmentAccountinaccordancewithclause2.3.

2.18.2 WhereCitiisactingasCustodian:

2.18.2.1 iftheInvestmentProductsyouwishtosellarenotheldbyCitiforyouortheInvestmentProductshavenotbeenreceivedbyCitioritsagents,Citimayrefusetoexecuteasaleorarrangeforasaletobeexecuted;

2.18.2.2 ifanyInvestmentProductCitisellsforyouisdefectiveorisnotdeliveredintimeforreasonsbeyondCiti’sreasonablecontrol,Citimayrepurchaseitatyourexpense;and

2.18.2.3 ifatransactionwouldresultinafractionalshare,Citimayadjustthesizeofthetransaction(down,orup,atoursolediscretion,actingreasonably)tobringtheholdingtoawholenumberofshares.

2.18.3 WhereathirdpartyisactingasCustodian:

2.18.3.1 iftheInvestmentProductsyouwishtosellarenotheldbythatthirdpartyforyouortheInvestmentProductshavenotbeenreceivedbythem,theymayrefusetoexecuteasaleorarrangeforasaletobeexecuted;and

2.18.3.2 ifanyInvestmentProductathirdpartysellsforyouisdefectiveorisnotdeliveredintimeforreasonsbeyondthatthirdparty’sreasonablecontrol,thatthirdpartymayrepurchaseitatyourexpense.

2.18.4 WherewehavearrangedforathirdpartytoactasyourCustodian,youshouldstillprovideinstructionstoCitiwhowillactasyouragentinpassingyourinstructionstothethirdpartyCustodianandfromthemtoyou;Citiwillstillprovideyouwithanorderconfirmation.

2.18.5 Youcangivewritteninstructionstousinthefollowingways:

2.18.5.1 bysubmittingyourinstructionsonlineusingCitiOnline;or

2.18.5.2 bypostingyourinstructionstothefollowingaddress:

CitibankEuropeplc,UKBranch InvestmentOperations POBox4012 Swindon,SN44JZ

2.18.6 Youcanalsogiveinstructionstousbytelephone,bypriorarrangement.

2.18.7 YoumayalsogivewritteninstructionsbyemailtoyourRelationshipManagerbypriorarrangement.Pleasenotethatifinstructionsforasubscriptionareemailed,thismustbeanemailofafullycompletedapplicationform.

2.18.8 YouauthoriseCititoacceptanyinstructionbymail,email,telephoneorthroughCitiOnlinewithoutfurtherauthenticationorconfirmation.However,wemaytakestepstoverifyaninstructionassetoutinclause2.18.10belowandyouagreethatCitishallnotberesponsiblefor,andthatyouwillcompensateCitifor,anyreasonablyincurredlosses,includinglegalfees,whichresultfromCitiactingorrefusingtoactoninstructionsreceivedbymail,email,telephoneorthroughCitiOnline.

2.18.9 Yourinstructionsmustbeclearandaccurate.Iftheyarenot,wewillnotbeliableifyourinstructionsarerejectedorperformedincorrectly,exceptinthecircumstancessetoutintheseTermsofBusiness.

2.18.10 Beforeweactinrelationtoaninstruction,wemaycarryoutchecksdesignedtoensurethatwebelievetheinstructionhascomefromyouandisclear.Wewilltreataninstructionasbeingmadebyyouifwereasonablybelievethesignaturetobeyours(whereapplicable)orifwearesatisfiedthatyouarewhoyousayyouare(forexample,byverifyingsecuritydetailsthatweusetoidentifyyouorbyprovidingadditionalidentificationdocuments).

2.18.11 Wemayrefusetoactinrelationtoyourinstructionsif:

2.18.11.1 wereasonablysuspectfraudulentorothercriminalactivity;

2.18.11.2 wereasonablybelievethatbyactinginrelationtotheinstructionwemightbreakanyApplicableLaw;or

2.18.11.3 wedonotreasonablybelievethesignaturetobeyours(whereapplicable)orwearenotsatisfiedthatyouarewhoyousayyouare(followinganappropriatevalidationprocess).

2.18.12 WhereCitiexecutesorarrangestheexecutionofatransactionforyou,wewilldosoinaccordancewithourBestExecutionPolicy(asummaryofwhichisprovidedinSchedule5oftheseTermsofBusiness).WhereathirdpartyCustodianexecutesorarrangesexecutiononyourbehalf,thatthirdpartyCustodian’sownbestexecutionpolicywillapplyinstead.

2.18.13 You should read the Best Execution Policy summary carefully as we will treat you as having consented to the Best Execution Policy if we receive an order from you or execute transactions with or for you.

2.18.14 The Best Execution Policy provides for the possibility that client orders may be executed outside a Trading Venue. However, we are unable to execute any of your orders outside a Trading Venue unless we have received your express consent to do so.

2.18.15 In addition, any specific instructions you give to us may prevent us from taking the steps that we have designed and implemented as part of our Best Execution Policy to take all sufficient steps to obtain the best possible result for the execution of those orders in respect of the elements covered by those instructions.

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2.18.16 AtthetimeyouenterintotheseTermsofBusinessandeverytimeyouplaceanorderwithustoenterintoanytransaction,youwillbedeemedtomaketherepresentationssetoutinSchedule6,sopleasereadthesestatementscarefullyandensurethatyouarehappytomakethem.

2.18.17 YoushouldnotenterintoatransactiontopurchaseanyInvestmentProductorInsuranceProduct(includingwherethisisheldwithinaPlan)withoutfirstcarefullyreadingtheInvestmentProductTermsorInsuranceProductTermsapplicabletotheproduct,theseTermsofBusiness,therepresentationsinSchedule6,theyKeyFactsDocument,andtheInvestmentCostsandChargesIllustrationwhichsetsouttheapplicablefeesandchargesfortheInvestmentProducts.Weintendtorelyonallsuchdocumentssoyoushouldneverenterintoanytransactionifyoudonotunderstandanythingorifyouhaveanyquestions.Ifyoudohaveanyquestions,pleasecontactCition0800005500(oryourRelationshipManager,ifyouhaveanAdvisedAccountRelationship)beforeproceeding.

2.18.18 Whenyouinstructustoexecuteorarrangefortheexecutionofanytransactionforyou,youauthoriseustodeductthepurchasepriceandanyapplicablefeesandchargesfromtheBankAccount(s)linkedtoyourInvestmentAccountinaccordancewithclause2.3.

2.19 Confirmations

2.19.1 Subjecttoclause2.19.2,inrelationtoeachInvestmentProducttransactionwecarryoutonyourbehalf,wewillsendyouawrittenconfirmationassoonaspossibleandnolaterthanthefirstBusinessDayfollowingthatexecution.

2.19.2 InrelationtoanyregularFundinvestmentplantransactioncarriedoutonyourbehalfbyCitiorathirdpartyCustodian,youherebyinstructCititosendyouaninitialinstructionconfirmationinrespectofexecutionofthefirsttransaction,followedbymonthlystatementsdetailingsubsequenttransactions.

2.19.3 YoushouldreviewthetradeconfirmationsthatCitisendsyouandnotifyCitipromptlyofanydiscrepancies.

2.19.4 Youarenotrequiredtoacknowledgeorconfirmthetradeconfirmationbutifyoudisagreewiththetransactiondescribedinthetradeconfirmation,pleasecontactusassoonaspossible.

2.20 Dealing; selection of brokers, agents and other counterparties

2.20.1 WhereanorderiscarriedoutbyCitionyourbehalf:

2.20.1.1 itwillbeexecutedsubjectatalltimestoApplicableLaw;and

2.20.1.2 youauthoriseustoenter,onyourbehalf,intoanynecessarydealingtermswithotherbrokers.

2.20.2 WhereCitiactsforyou:

2.20.2.1 whereatransactiondoesnotsettleontheduedateforsettlement,wemay,inourabsolutediscretion,provisionallycreditand/ordebit(asapplicable)yourInvestmentAccountand/orBankAccountonsuchduedateforsettlementasifthetransactionhadsettledonthatdate.Wemay,however,atanytimeinourabsolutediscretionreverseanysuchprovisionaldebitsandcredits;

2.20.2.2 withoutprejudicetothediscretionwemayexerciseinaccordancewithclause2.20.2.1above,deliveryorpayment(asthecasemaybe)bytheotherpartytothetransactionshallbeentirelyatyourriskandCiti’sobligationstodeliverInvestmentProductsortheproceedsofthesaleofInvestmentProductstoyoushallbeconditionaluponreceiptbyCitiofdeliverabledocumentsorsaleproceeds(asthecasemaybe)fromtheotherpartyorpartiestothetransaction;

2.20.2.3 anycashreceivedbyCitiinrespectofatransactionshallbeadebtowedbyCititoyouuntilpaidbyCititoyouorotherwisedischarged;

2.20.2.4 ifyouhavenotprovidedtherelevantfundstoCitiforatransaction,Citimaysettleyourobligationsunderthattransaction.InthosecircumstancesyoushallpayCitiassoonaspossible;

2.20.2.5 subjecttotheApplicableLaw,youauthoriseCititodealforyouraccountthroughbrokers,dealers,agents,exchangesandothercounterpartiesinaccordancewithCiti’snormalpractice.WhilstCitiwillexercisereasonableskill,careanddiligenceintheselection,appointmentandperiodicreviewofitscounterparties,agents,sub-custodians,depositariesandclearingsystems(anyofwhichmaybeamemberofthe

CitigroupOrganisation),youacceptthatanytransactionorpropertyplacedwithanysuchdelegateofCitiwillbeatyoursoleriskandCitishallnotbeliableforyouractsoromissionsorforanylossordamagesufferedbyyouexceptintheeventofourfraud,negligence,wilfuldefaultorbreachoftheApplicableLaw;

2.20.2.6 youagreethatCitimayplacealloranypartofyourInvestmentProductwithanyclearingsystemand/orinanomineename;and

2.20.2.7 CitimaycombineyourorderswithCiti’sownordersandordersofanyCitigroupOrganisationorotherclientswhereitisunlikelythattheaggregationoforderswillworkoveralltothedisadvantageofanyclientwhoseorderistobeaggregated.Pleasenotethattheeffectofaggregationmayworktoyourdisadvantageinrelationtoaparticularorder(forexample,butnotlimitedto,intermsofpriceorvalue).

2.20.2.8 Wherewehavereceived,orsubsequentlyreceive,anexpressinstructionfromyouofthefollowing(whichmaybegivenasastandinginstruction)inrespectofagreementstoexecuteaLimitOrderinrespectofsharesadmittedtotradingonaRegulatedMarket,ortradedonaTradingVenue,weshallnotbeobligedtopublishaLimitOrderimmediatelyifitcannotbeimmediatelyexecutedunderprevailingmarketconditions(unlessinstructedotherwisebyyouinwritinginrespectofaparticularLimitOrderandweacceptthatLimitOrder).

2.21 Custody arrangements

2.21.1 UnlessotherwisestatedintheInvestmentProductTermsofBusinessoradvisedbyyourRelationshipManagerallInvestmentProductsboughtforyoubyCitipursuanttotheseTermsofBusinesswillbesubjecttoCiti’sCustodyServicesasdetailedinclause2.22.

2.21.2 Please note that Citi does not currently offer Custody Services in relation to all Investment Products.IfyoupurchaseanInvestmentProductforwhichCitidoesnot,orelectsnotto,provideCustodyServices,youwillberequiredtoenterintoaseparateagreementwithathirdpartyCustodian.Inthatcasethetermsofthatseparateagreementwillgovernthecustodyarrangementsinrelationtoyourinvestment.

2.21.3 WhereCitiprovidesyouwithCustodyServicesthebasisonwhichaCustodianwillprovidecustodyofyourAssetsissetoutinclause2.22.WhereCitiisnotactingasCustodianwewillappointathirdpartyCustodianonyourbehalf,assetoutinclause2.24.

2.21.4 WewillchargeyouourGlobalCustodyFee(regardlessofwhetherCitiorathirdpartyCustodianactsasyourCustodian).DetailsofwhattheGlobalCustodyFeecoversandhowitiscalculatedaresetoutintheKeyFactsDocument.TheGlobalCustodyFeewillbedeductedfromtheBankAccount(s)linkedtoyourInvestmentAccountinaccordancewithclause2.3.

2.21.5 YoucanrequestastatementoftheAssetsheldforyouatanytime.

2.22 Citi’s Custody Services

2.22.1 InrelationtoInvestmentProductsforwhichCitiprovidesCustodyServices,youagreethatCitimayactascustodianforyouandyouherebyappointCiti,witheffectfromthedateyouopenanInvestmentAccount,toactasyourcustodianinrespectofsuchInvestmentProducts.

2.22.2 YouauthorisetheCustodiantoestablishonitsbooksoranysub-custodian’sbooksastheCustodianmaydecide:

2.22.2.1 acustodyaccountoraccounts(the“Custody Account”)forthedepositofInvestmentProducts(otherthancashandinsurance)fromtimetotimereceivedbytheCustodianforyourInvestmentAccount,theCustodyAccounttobedesignatedtoshowsuchInvestmentProductsbelongingtoyouaresegregatedfromtheCustodian’soritsappointedsub-custodian’sownassets;and

2.22.2.2 acashaccountoraccountsdesignatedinyournameforthedepositofcasharisingoutof,orinconnectionwith,anyInvestmentProductintheCustodyAccount.

2.22.3 YouagreethattheCustodyServicesassetoutinthisclause2.22shallbeperformedbytheCustodian.YouagreethattheCustodianmayregisterorrecordlegaltitletoanyInvestmentProductinthenameofitsnomineecompanyoranomineecompanycontrolledbytheCustodian’ssub-custodianoragent.Insuchcircumstances‘beneficial’titletothe

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InvestmentProductwillremainwithyou:thismeansthatthenomineewouldbetreatedastheholderoftheInvestmentProductbytheproductproviderbutthenomineewillpassbenefitsontoyou.YoushalltakeanysuchactionwhichmaybenecessaryandexecutesuchdocumentsandprovidesuchmaterialsandinformationasmaybereasonablyrequestedbytheCustodiantoenabletheCustodianorsuchagentorsub-custodiantoperformitsdutiesandobligationsunderthisclause2.22,includingparticipationinanyrelevantclearingsystem.YouwillnotifyCitiassoonasyoubecomeawareofanyinaccuracyinsuchmaterialsorinformation.

2.22.4 YouauthorisetheCustodianto:

2.22.4.1 poolyourInvestmentProductswiththosebelongingtootherclientsoftheCustodian;

2.22.4.2 openandoperateforeigncurrencyaccountsforyou;

2.22.4.3 safe-keepyourInvestmentProductseitherintheCustodian’sownoritssub-custodian’scustodyinIrelandortheUKor,subjecttotheApplicableLaw,inanyothercountry,subjecttothelaws,regulationsandcustomsoftheplacewheretheyarekeptandalso,whererelevant,totheApplicableLaw;

2.22.4.4 useanypersonselectedbytheCustodianasasub-custodiantocarryouttheCustodyServices,including(whereCitiistheCustodian)otherCitigroupOrganisationsandthirdparties;

2.22.4.5 wheretheCustodianholdsregistrableInvestmentProductsforyou,registerandrecordsuchInvestmentProductsinyournameorinthenameofaneligiblenomineeincompliancewiththeApplicableLaw;and

2.22.4.6 wheretheCustodianholdsregistrableInvestmentProductsforyouwhicharesubjecttothelawormarketpracticeoutsideIrelandortheUKandtheCustodianispreventedfromregisteringorrecordinglegaltitleinthewaysetoutin2.22.4.5above,registerorrecordsuchInvestmentProductsinthenameofathirdpartyor,iftheCustodianispreventedfromdoingso,initsownname,andineithercaseincompliancewiththeApplicableLaw.

2.22.5 You are hereby notified that if Investment Products are registered or recorded in the name of the Custodian (in accordance with clause 2.22.4.6), such Investment Products may not be segregated from the Custodian’s Investment Products and in the event of the insolvency of the Custodian, your Investment Products may not be as well protected from claims made on behalf of the general creditors of the Custodian.

2.22.6 NotwithstandinganyothertermsoftheseTermsofBusiness,CitishallberesponsiblefortheactsoromissionsofanynomineecontrolledbyCitiorbyaCitigroupOrganisationtothesameextentasCitiisliableforitsownactsandomissions.Citishallbeliabletoyouforlossesinrespectofanysuchnomineearisingdirectlyfromthefraud,negligenceorwilfuldefaultofCiti(butnotforanylossofprofitoropportunity,oranycoststhatareindirectlycausedbytheeventthatledtoanyclaimbyyou,ordamagetoyourreputation).CitiisnotresponsiblewhereitisnotactingasCustodian.Insuchcircumstances,thethirdpartyCustodianwillberesponsibletoyouandtheextentoftheirresponsibilitytoyouwillbesetoutintheirtermsofbusinesswithyou.

2.22.7 UnderarrangementswhereCitiistheCustodian,CitihasrightsagainsttheissueroftheInvestmentProducts(or,whereholdingthroughasub-custodian,therelevantsub-custodianhasrightsagainsttheissueroftheInvestmentProducts)inrespectofallInvestmentProductsheldinyourCustodyAccount,andholdssuchrightsforyourbenefit.

2.22.8 Pursuant to your authorisation in clause 2.22.4 above, the Custodian, and any sub-custodian, may pool your Investment Products. By pooling your Investment Products with those of other clients, your individual client entitlements may not be identifiable by separate certificates, other physical documents of title or equivalent electronic record and therefore, in the event of an irreconcilable shortfall after the insolvency of the Custodian or any appointed sub-custodian, you may share in that shortfall in proportion to your original share of the assets in the pool. Any entitlements or other benefits arising in respect of pooled assets will be allocated in proportion to their assets to each client whose assets are so pooled. The consequences of such pooling are at your own risk.

2.22.9 WhereyourInvestmentProductsareheldoutsideofIrelandortheUK,differentsettlement,legalandregulatoryrequirements,anddifferentpracticesrelatingtothesegregationandseparateidentificationofthoseInvestmentProducts,mayapply.

2.22.10 WrittenstatementsofyourInvestmentProductsinCiti’scustodywillbesenttoyoumonthlyaspartoftheInvestmentAccountstatementsdetailedinclause2.13.ThevalueshownonthestatementsoftheInvestmentProductswillbebasedonpricesobtainedbyCitifromvaluationsystemsandotherpricingservices,whichCiticonsidersappropriate.WhereathirdpartyCustodianisactingasCustodian,statementswilleitherbesenttoyoudirectlybythethirdpartyCustodianorthroughCiti.

2.22.11 WherethelegalownershipofanInvestmentProductisdemonstratedbyaphysicaldocumentsuchasasharecertificate,theCustodianwillarrangefortheholdingofsuchadocumentinamannerwhichisappropriatetothevalueandriskoflossofthatInvestmentProduct.TheCustodianmaysafeguardthephysicaldocumentitselforarrangeforanagentorsub-custodiantodothis.TheCustodianoranappointedagentorsub-custodianasappropriatewillholdyourphysicaldocumentsoftitleseparatelyfromthephysicaldocumentsoftitlerelatingtoitsowninvestments.

2.22.12 Inaddition,youauthorisetheCustodian,anditsagentsorappointedsub-custodians,withouttheCustodian,itsagentsorappointedsub-custodiansbeingobliged,to:

2.22.12.1 signonyourbehalfanddeliverdocumentationandguaranteeyoursignaturetotransferInvestmentProducts,executealldeclarationsandaffidavitsandcertifyownershipofyourInvestmentProducts;

2.22.12.2 buyfrom,sell,orrecommendtoothers,thesameInvestmentProductsthatCitibuysfrom,sells,orrecommendstoyou;

2.22.12.3 collectinterestanddividendsandotherentitlements(orsharesorotherbenefitsinsteadofdividends)fromInvestmentProductsheldinyourCustodyAccount;

2.22.12.4 collectentitlementstosharesandanyotherbenefitsarisingfromcorporateevents.WhereyourInvestmentProductshavebeenpooled,suchentitlementsshallbedistributedinproportiontoyourentitlement,accordingtotheCustodian’srecordsofyourentitlement;and

2.22.12.5 updateyourCustodyAccounttoreflectanyoftheabovetransactions.

2.22.13 UnlessyouspecificallyinstructustodosoonacasebycasebasisorwearerequiredbytheInvestmentProductTermsorApplicableLaw,weshallhavenoobligationtotakeupanyrights,exerciseanyconversionorsubscriptionrights,dealwithanytake-overorotheroffersorcapitalreorganisationsorexerciseanyvotingrightsoveranysecuritiesorotherinvestments.

2.22.14 YoushallgiveinstructionsinrelationtothesafecustodyofyourInvestmentProductstoCitiinaccordancewiththeprovisionsofclause2.18.Yourinstructionsshallbecarriedoutsubjecttotheprevailinglaws,rules,operatingproceduresandmarketpracticeofanyrelevantstockexchange,clearingsystemormarketwheretheyaretobeexecutedorcarriedoutandshallbeactedupononlyduringBusinessDaysandnormalbusinesshoursandwhentheapplicablefinancialmarketsandotherinvolvedorganisationsareopenforbusiness.

2.22.15 UnlessotherwiseagreedandsubjecttoInvestmentProductTerms,orunlesswearerequiredbyApplicableLaw,theCustodianshallhavenoobligationtoforwardtoyouanyinformationregardingcorporateactions(whetherrelatingtodistributions,votingrights,rightsarisingunderareorganisation,rightsissueortakeover,orothercorporateevents)oranyotherinformationreceivedbytheCustodianinrelationtotheInvestmentProductsheldbytheCustodianoranynomineecompanyforyou.

2.22.16 Citireservestherightwithoutpriornoticetousethecustodyservicesofanysub-custodianandwillnotbeheldliableforanyactordefaultornegligencebyanysuchsub-custodian,exceptwhereCitihasfailedtoexercisereasonableskill,careanddiligenceintheselection,appointmentandperiodicreviewofanysuchsub-custodian,orintheeventofourfraud,negligence,wilfuldefaultorbreachoftheApplicableLaw.Upongivingyoupriornotice,CitireservestherighttoappointanotherCustodiantoprovidecustodyservicesdirectly

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toyou.CitiwillnotbeheldliableforanyactordefaultornegligencebyanysuchCustodian,exceptintheeventofCiti’sfraud,negligence,wilfuldefaultorbreachoftheApplicableLaw.IntheeventoftheinsolvencyoranyotheranalogousproceedingsofathirdpartyholdingyourAssets,Citimayonlyhaveanunsecuredclaimagainstthethirdpartyonyourbehalf,andyouwillbeexposedtotheriskthatthesecurities,cashoranyotherpropertyreceivedbyCitifromthethirdpartyisinsufficienttosatisfyyourclaimandtheclaimsofallotherrelevantclients.

2.22.17 Asub-custodianmayhaveaninterestin,orlienorclaimover,orrightofsetoffinrelationto,theInvestmentProductsheldinyourCustodyAccount,totheextentwearepermittedtograntsuchrightsbytheApplicableLaw.

Ifanysub-custodianhassuchrights,wewillinformyouofthatfact.

2.23 Our rights over your Investment Products

2.23.1 ALienisarightwhichentitlesustoholdontoanyofyourInvestmentProductswehaveinourpossessionpendingpaymentofadebtowedbyyou.InadditiontoanyLienorotherrightstowhichwemaybeentitledunderanyApplicableLaw,weshallhaveageneralLienonallyourInvestmentProductsheldorcontrolledbyusorournomineesuntilthesatisfactionofallyourDebts,liabilitiesandobligations(whetheractualorcontingent)owedtousfromtimetotime.

2.23.2 IfyouhavefailedtopayusanyamountyouoweusunderthisAgreement,wemayapplyanycreditbalanceonanyaccountyoumaintainwithusinthesamename(s)toreduceorrepayanymoneyyouoweus.Thisiscalledourrightof“setoff”.

2.23.3 IfyouoweaDebttous,wemaysetoff,combineorconsolidatetheaccountsyoumaintainwithusinthesamename(s)andapplyanyproceedstosatisfyorreduceyourDebt.ThisisthecasewhethertheDebtisincurredindividuallyorjointlyandwhetheryouraccountisanindividualaccountorjointaccount.Wewillonlyeverdothisifthemoneyyouoweisimmediatelyrepayableorifweneedtopaytaxonyourbehalf.Wearenotobligedtoexercisethisrightbutwillnotifyyouatleast14daysbeforeweproposetodosounlesswereasonablythinkthatyouwilldosomethingtopreventusfromexercisingourright.

2.23.4 Wemayalsosetoff,combineorconsolidateanyfunds,deposits,balances,Debt,chequesorotherInvestmentProductsthatweholdforyou(inanycurrency),includingamountsowedtoyou,orintransittoyou.Wemaydothisinrelationtoatimedepositorotherinvestmentwhichhasnotmatured.Youagreethatwemayconvertanycurrenciesnecessaryforustosetoffinthisway.WewillusetheCitiUKReferenceExchangeRatetomakeanysuchconversion.

2.23.5 OursetoffrightisinadditiontoanyotherlegalrightswemayhaveundertheseTermsofBusinessorgenerally.

2.24 Third party Custodians

2.24.1 WhereCitiisnotactingasCustodian,youauthoriseustoenterintoanynecessarytermsofbusinesswithathirdpartyCustodianonyourbehalffortheprovisionofdealing,clearingandsettlement,safecustodyandotherassociatedservices.

2.24.2 Youacknowledgeandagreethat,whenCitientersintoanagreementwithathirdpartyCustodianforyou:

2.24.2.1 CitientersintotheagreementasyouragentsothatthereisadirectrelationshipbetweenyouandthethirdpartyCustodian;

2.24.2.2 thetermsofbusinessthatapplytoyourrelationshipwiththethirdpartyCustodianandhowthethirdpartyCustodianwillprovideitsservicestoyouarecontainedinthethirdpartyCustodian’stermsofbusiness.ThethirdpartyCustodian’stermsofbusinessmaydifferfromtheseTermsofBusiness;

2.24.2.3 CitiwillprovideyouwithacopyofthethirdpartyCustodian’stermsofbusinessthatapplytoyourrelationshipwiththethirdpartyCustodian.ByagreeingtobeboundbytheseTermsofBusiness,youarealsoagreeingtobeboundbythethirdpartyCustodian’stermsofbusiness,thereforeitisimportantthatyoureadthethirdpartyCustodian’stermsofbusiness.IfyouhaveanyqueriesonthethirdpartyCustodian’stermsofbusiness,youshouldaskCitibeforeagreeingtobeboundbythem.YoucancontactCition0800005500;

2.24.2.4 ifyoudonotwishtobeboundbythethirdpartyCustodian’stermsofbusiness,youcanterminatetheseTermsofBusinessinaccordancewiththeprovisionsofclause1.5;

2.24.2.5 CitimaygiveinstructionstothethirdpartyCustodianonyourbehalfandmayprovideinformationaboutyoutothethirdpartyCustodian.WhenthethirdpartyCustodianreceivessuchinstructionsorinformationfromCiti,thethirdpartyCustodianisentitledtorelyonitwithoutmakinganyfurtherchecksorenquiries;

2.24.2.6 ifanyinstructionorinformationisprovidedtoCitibysomeoneactingonyourbehalfunderapowerofattorney,thethirdpartyCustodianshall,uponreceiptofsuchinformationorinstructionsfromCiti,beentitledtorelyonitwithoutmakinganyfurtherchecksorenquiries;

2.24.2.7 thethirdpartyCustodianisauthorisedtoholdcashandinvestmentsonyourbehalfandtotransfersuchcashorinvestmentsfromyourCustodyAccounttomeetyourobligationstothethirdpartyCustodian;

2.24.2.8 thethirdpartyCustodianmayappointsub-custodians,nomineesoragentsinthecontextofprovidingcustodyservicestoyou;and

2.24.2.9 thethirdpartyCustodianandanysub-custodianofthatCustodianmayhaveaninterestin,orlienorclaimover,orrightofsetoffinrelationto,theinvestmentsheldinyourCustodyAccountandmaysetoffanyindebtedness,liabilitiesorobligationsthatyouowethemagainstanysumthatisduefromthemtoyou.IfthethirdpartyCustodianoranysub-custodianhassuchrights,thiswillbenotifiedtoyouinthetermsofbusinessofthatthirdpartyCustodianandthethirdpartyCustodianwillinformyouofanysucharrangementsapplicabletoanysub-custodian.

2.25 Packaged Retail and Insurance-Based Investment Products

2.25.1 Ingoodtimebeforeyouenterinto,andareboundbythetermsof,aPRIIPwearegenerallyrequiredtoprovideyouwithaKeyInformationDocument(“KID”).TheKIDisathree-pagedocumentproducedbytheproductmanufacturerandcontainskeyinformationforinvestorsaboutthePRIIP.

2.25.2 Whereyouconsenttousdoingso,wemayprovidetherelevantKIDtoyouthroughawebsite(includingCitiOnline),viaemailoradurablemediumotherthanpaper.Youacknowledgethat:(i)thewebsiteoremaildoesnotconstituteanofferorarecommendationtoenterintoanytransaction,toparticipateinanytradingstrategyortoinvestinanyPRIIP;and(ii)unlesswearetheproductmanufacturer,wedonotgiveanyrepresentation,warrantyorundertakingastotheaccuracyorcompletenessoftheinformationcontainedintheKIDweprovidetoyou,astheKIDisproducedbytherelevantproductmanufacturer.

2.25.3 WhereweprovideyouwithaKIDbymeansofawebsite(includingCitiOnline),emailoradurablemediumotherthanpaper,youhavetherighttorequestapapercopyoftheKIDfreeofcharge.PleasecontactyourRelationshipManagerinordertoobtainacopy.

2.25.4 Whereyouconsenttousdoingso,whenanyKIDisprovidedtoyoubymeansofawebsiteorCitiOnlinewewillnotifyyoubyemailwhenanyrelevantKIDisavailableforaccessatthatlocation.

2.25.5 WhereyouhaveconsentedtotheprovisionofaKIDbyemailorwebsite(includingCitiOnline)andtheKIDhasbeenprovidedinthismanner,youagreeandacknowledgethatyouhaveregularaccesstotheinternet,andyouareresponsibleforhavinganynecessaryhardware,softwareorothertechnologytoreceiveandaccessanyKID(s)electronically.ShouldyousubsequentlytransactwithusinthatPRIIP,youagreethatyouhavehadanopportunitytoaccessorhavereceivedtherelevantKIDandhadsufficienttimetoreviewtheKIDpriortotheexecutionofsuchtransaction.

2.25.6 IfyoudonotconsenttotheprovisionofaKIDbymeansofawebsiteoradurablemediumotherthanpaper,ortheprovisionofaKIDinanon-paperformatisdeemedbyustobeinappropriate,wewillprovideyouwithapapercopyoftheKID.

2.25.7 WhereweprovideapapercopyoftheKID,youacknowledgethat:(i)theprovisionoftheKIDdoesnotconstituteanofferorarecommendationtoenterintoanytransaction,toparticipateinanytradingstrategyortoinvestinanyPRIIP;and(ii)unlesswearetheproductmanufacturer,wedonotgiveanyrepresentation,warrantyorundertakingastotheaccuracyorcompletenessoftheinformationcontainedintheKIDweprovidetoyou,astheKIDisproducedbytherelevantproductmanufacturer.

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PART 3: INVESTMENT ISA

3. Investment ISA

Thefollowingclause3inregardstoInvestmentISAisonlyapplicabletoindividualswhoaretaxresidentintheUK.

3.1 Plan

3.1.1 ThePlanManagerwilladministeryourPlaninaccordancewiththeRegulationsandtheseISATermsofBusiness.IntheeventthattheRegulationsareamendedsuchthattheseISATermsofBusinessareinconsistentwiththem,theRegulationswillprevail.

3.1.2 We,asthePlanManager,mayadministeryourInvestmentinamannerwhichisdifferenttothewayinwhichtheproviderofanInvestmentstatesintheirdocumentation.Inthisinstance,thePlanManager’sprocessesandadministrationwillprevail.

3.1.3 ToapplyforaPlan,yourISAApplicationmustbefullycompletedandyoumustprovidetheinitialsubscriptionamount.InthecaseofanInvestmentISAtransfer,wewillmanageyourPlanuponreceiptoftheproceedsofyourpreviousPlanfromyourpreviousPlanManager.TheISAApplicationformspartoftheseISATermsofBusinessandifthetermsdiffer,thosecontainedintheseISATermsofBusinesswillprevail.

3.1.4 WeonlyoffernewInvestmentISAsand/oraccepttransfersofInvestmentISAsand/orCashISAs.WecanonlyacceptthecashproceedsfromyourexistingInvestmentISAandnottransfersofactualInvestments.Wereservetherightnottoacceptatransfer.

3.1.5 Ifapplicable,youmayopenmorethanonePlan,subjecttocompletionofanISAApplicationforeachPlan.

3.1.6 ThePlanManagerreservestheright,actingreasonably,torejectanapplicationforanyreason.ThePlanManagerwillnotifyyouifthishappens.

3.1.7 IfyoubecomeineligibletosubscribetoanInvestmentISAaftercommencinginvestmentinaPlan,youmustinformusimmediately.InthesecircumstancesyourPlanwillremainopenbutnofurthersubscriptionsintoyourPlanwillbepermitteduntilyoumeettheeligibilityrequirementssetoutintheRegulations.

3.1.8 YoumustprovideuswithallinformationthatwerequireinordertomanageyourPlanforyouandmustadviseusimmediatelyinwritingofanychangeinyourcircumstanceswhichmayberelevanttoyourPlan,assetoutintheinformationyouprovide,orifyouarenolongerresidentintheUKfortaxpurposes.

3.2 Subscription

3.2.1 InordertosubscribetoandholdthePlanyoumustholdaBankAccountwithCitiinyourownsolename.Accountsheldinjointnames,orwhicharenotheldwithCiti,arenotacceptableforthispurpose.

3.2.2 SubscriptionstothePlancanbemadefromyourBankAccountonly.

3.2.3 TheseISATermsofBusinesswillcomeintoforceandyourPlanwillbeopened,orinthecaseofanexistingInvestmentISAorCashISAtransferandsubjecttoclause3.3below,willbegintobemanagedbyus,onthedateonwhichthePlanManagerreceivesavalidandcompleteISAApplicationandthesubscriptionmoniesorproceedsfromapreviousInvestmentISAorCashISA.

3.2.4 Youherebyconsenttousinvestingyourmoniesimmediately.Pleasenotethattheremaybeacostconsequenceasaresultofthisshouldyoudecidetoexerciseyourcancellationrightsasdetailedinclause3.4.

3.2.5 IfyouareaUScitizen,residentorholdagreencard,youcannotsubscribetoaPlan.

3.3 Transfers in

3.3.1 TransferofthecashproceedsfromanexistingInvestmentISAorCashISAcanbeexercisedusingtheInvestmentAdvisoryService.

3.3.2 IfyouaretransferringanexistingInvestmentISAorCashISAtous,suchatransfercanonlybemadebytransferofthecashproceedsfromtheexistingInvestmentISA.

3.3.3 TransfersofexistingInvestmentISAsandCashISAswillnormallybearrangedwiththePlanManagerfortheexistingISAandcantakeuptofourweeksormore,althoughtransfers

fromaCashISAmaybequicker.OncetheInvestmentISAorCashISAhasbeentransferredtous,yourPlanwillbesubjecttotheISATermsofBusinesssetouthere.

3.4 Cancellation of a Plan

3.4.1 YouhavetherighttocancelyourPlanwhereitisconcludedbyface-to-facemeans(i.e.notbydistancemeans)within14daysof:

3.4.1.1 theconclusionofthecontract;or

3.4.1.2 thedateuponwhichyoureceivetheISATermsofBusinessandanyotherpre-contractualinformationorotherinformationthatwemayberequiredtoprovideyou,whicheveristhelaterdate.

3.4.2 Youmay,withoutgivinganyreason,exerciseyourcancellationrightbygivingthePlanManagernoticebeforeexpiryofthe14dayperiodtothefollowingaddress:

CitibankEuropeplc,UKBranch InvestmentOperations POBox4012 Swindon,SN44JZ

3.4.3 YoudonothavetopayanythingtocancelyourPlan.However,ifyouexerciseyourrighttocancelbutwedonotreceiveyournoticetocanceluntilafterwehavepurchasedtheInvestmentsonyourbehalfandthevalueoftheInvestmentshasfalleninthattime,anamountequivalenttothefallinvalueoftheInvestments(calculatedonthedayonwhichyourInvestmentsareliquidated)willbedeductedfromtheamountofyoursubscriptionmonieswhicharerepaidtoyou.

3.4.4 Byexercisingyourrighttocancel,youwillwithdrawfromthePlananditwillbeterminated.Within30daysofreceivingthenoticeofcancellation,unlessclause3.4.5belowapplies,thePlanManagerwillaccounttoyoufortheproceedsoftheInvestments(subjecttoanyamountsdeductedassetoutinclause3.4.3above)andwillbeentitledtoretainanycashorInvestmentsrequiredtosettleanytransactionsalreadyinitiatedonyourbehalfandrequireyoutopayadditionalamountstosettlesuchtransactionsifrequired.

3.4.5 WhereyouexerciseyourrighttocancelthepurchaseofthePlanfollowinganInvestmentISAorCashISAtransfer,theInvestmentISAorCashISAwillbeclosedand(subjecttoanyamountsdeductedassetoutinclause3.4.3above)thecashproceedspaidtoyou,unlessyouarrangeforthetransferbacktotheoriginalmanagerorforthetransfertoanewmanager.YoumaynothavetherighttoreinstateyourISAwiththepreviousplanmanager,inwhichcaseallfuturetaxbenefitsmaybelost,unlessyouarrangeforthetransfertoanewmanager.

3.4.6 Ifyoudonotexerciseyourrighttocancel,yourPlanwillcontinueunlessanduntilitistransferredtoanotherplanmanagerinaccordancewithclause3.13orterminatedinaccordancewithclause3.14.

3.5 Investment choice and your investment objectives

3.5.1 YourPlansubscriptionswillbeinvestedintheInvestmentsintheproportionsspecifiedinyourISAApplication.

3.5.2 TheinvestmentobjectivesoftheInvestmentsorotherInvestmentProductsinwhichyourPlaninvestswilldeterminetheinvestmentobjectiveofyourPlan.YoucanobtaininformationonaFund’sinvestmentobjectiveandpolicy,feesandinvestmentrestrictionsfromeachFund’sprospectus,keyinvestorinformationdocumentorKIDandotherproductdocumentation.YoushouldreadeachFund’skeyinvestorinformationdocumentorKIDandotherproductdocumentationcarefullybeforeinvesting.

3.6 Investing in your Plan

3.6.1 YoucaninvestinyourInvestmentISAbymakingoneormorelumpsumpayments,bymakingregularpaymentsorbycombiningthese.

3.6.2 IfyouinvestviaCitiOnline,theminimumlumpsuminvestmentamountis£500perFundandtheminimumregularinvestmentamountis£500perFund.

3.6.3 IfyouinvestthroughaRelationshipManager,theminimumlumpsuminvestmentamountis£10,000intotalandtheminimumregularinvestmentamountis£500perFund.

3.6.4 RegularmonthlypaymentswillbecollectedfromyourBankAccountonthedateweagreewithyouwhenyouapplyforyourPlan.

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3.6.5 TheminimumholdingamountforyourPlanisthesameastheminimumlumpsumamountspecifiedinclauses3.6.2or3.6.3above,asapplicable.

3.6.6 ThecostofpurchasingyourchosenInvestmentsmaynotexactlymatchtheamountofmoneywhichyouwishtoinvestduetothepriceoftheunderlyingunits.Insuchcircumstanceswewillpurchase(orarrangetobepurchased)asmanyunitsofyourInvestmentsaspossiblewithyourmoney.Anyresidualbalancefromyourmoneywillbeheldonyourbehalfbyusuntilsuchtimeastheaccumulativeamountreaches£10,atwhichpointthemoneywillbepaidintotheBankAccountfromwhichyourinvestmentmoneywasoriginallydebited.

3.6.7 TomakesubsequentlumpsuminvestmentsintoyourPlan,alsocalled‘toppingup’,youwillbesubjecttothesameminimumsandthesamepaymentmethodsasoutlinedabove.YourtotalinvestmentintothePlaninanygiventaxyearmustnotexceedthetotalISAallowanceforthatyear.

3.6.8 CitiwilltellyouwhatthecurrentannualISAallowanceisuponrequest.

3.7 Instructions

3.7.1 Investmentinstructionsshouldcomplywiththeprovisionsofthisclause3.7.Weneednotacknowledgereceiptofyourinstructions.Whenwebuyandsell(orarrangetobeboughtandsold)Investmentsatyourinstruction,pleasenotethat:

3.7.1.1 thepurchaseorsaleofInvestmentswillbesubjecttous(orathirdparty)complyingwithapplicablemarketrulesandregulations.Wherewecarryoutthepurchaseorsale,weshallnotifyyouiftheserulesandregulationspreventusfromcarryingoutyourinstructionsandshallnotbeliabletoyouifthisisthecase(subjecttoclause1.11.4);and

3.7.1.2 wewillnotexecute(orarrangetobeexecuted)orderstobuyyourPlanunlessyouhold,oryouhavearrangedforustohold,thenecessaryfundsintheBankAccountreferredtoinclause3.2.1,orhavesentachequefromanotherinstitutionwiththeminimumbalancewhichhassubsequentlycleared.

3.7.2 However:

3.7.2.1 ifthePlanyouwishtosellisnotheldbyusonyourbehalf,ortheinvestmentshavenotbeenreceivedbyusorouragents,wemayrefusetoexecuteasale(orarrangeforthesaletobeexecuted);

3.7.2.2 ifanyInvestmentwesellforyou(orarrangetobesold)foryouisdefectiveorisnotdeliveredintimeforreasonsbeyondourreasonablecontrol,wemayrepurchaseit(orarrangeforittoberepurchased)atyourexpense;

3.7.2.3 iffundsnecessarytopurchasethePlanyouwishtobuyhavenotbeenreceivedbyusontheexpecteddate,wemayrefusetoexecuteasale(orarrangeforthesaletobeexecuted);and

3.7.2.4 ifatransactionwouldresultinafractionalshare,wemayadjustthesizeofthetransaction(downorup,atoursolediscretion,actingreasonably)tobringtheholdingtoawholenumberofshares.

3.7.3 InstructionswillnormallybeprocessedbycloseofbusinessonthenextBusinessDayfollowingtheBusinessDayonwhichtheinstructionswerereceivedbyus(butinanycasenolaterthancloseofbusinessonthesecondBusinessDayafterwereceiveyourinstructions).However,pleasenotethatwhereinstructionsare:

(a) foranewtaxyearbutreceivedaspartofadualtaxyearapplicationformorotherwiseinthepriortaxyear;or

(b) receivedwithinthefirstweekofanewtaxyear,instructionswillbeprocessedwithin10BusinessDaysofthelaterofthestartofthenewtaxyearortheBusinessDayonwhichtheinstructionswerereceivedbyus.

3.7.4 Thepriceofyourpurchaseorsalewillbeavailablewhenyouplaceyourdealwithus.ThepriceyouwillbegivenwillbecalculatedattheFundprovider’svaluationpoint,detailsofwhichcanbefoundintheFund’sprospectus.Thepricewillbeconfirmedtoyouinthetradeconfirmationthatissenttoyou.

3.7.5 Ifyousoelect,wewillarrangeforyouto:

3.7.5.1 receivetheannualreportandaccountsfortheInvestments;

3.7.5.2 beabletoattendshareholders’orunitholders’meetings;

3.7.5.3 beabletovoteatsuchmeetings;and

3.7.5.4 beabletoreceiveanyotherinformationissuedtoshareholdersorunitholders.

Wereservetherighttomakeareasonablechargeforprovidingtheseservices.Suchchargesmaybevariedinaccordancewithclause1.1.1.3.

3.8 Income from your Plan

3.8.1 Dependingonyourinvestmentobjectiveandthetypeofunits/sharesyoupurchaseinyourchosenInvestments,anyincomemadeinrelationtoyourInvestmentswill:

3.8.1.1 bedistributedtoyouonceitisreceivedbytheCustodian;

3.8.1.2 beusedtopurchaseadditionalunits/sharesonyourbehalf;or

3.8.1.3 automaticallybereflectedinthenetassetvalueoftheInvestmentsinyourPlan.

YourchoiceoftheabovemustbemadeonyourISAApplicationwhenyoumakeyouroriginalsubscription.Pleasenote,however,that,forcertainInvestmentProducts,notalloftheoptionslistedabovemaybeavailable.

3.9 Assets held within your Plan

AnycashreceivedbyyourPlanincludinganyincomepaymentsandtaxcreditsresultingfromtheproceedsofanInvestmentsalewillbeheldinaccordancewiththeApplicableLawandthetermsrelatingtocustodyservicessetoutbelowinclause3.10.

3.10 Custody services

BycompletinganISAApplication,witheffectfromthedateonwhichtheISAApplicationiscompletedyouauthoriseCitieithertoperformtheroleofCustodian,ortoappointathirdpartyCustodian,sub-custodianoragentasCitimaydecide,actingreasonably,toprovidecustodyservicesforyourPlanonthetermssetoutinPart2CoftheseTermsofBusinessforInvestmentandInsuranceServices.

3.11 Documentation

3.11.1 Wewillacknowledgeinwriting,whereapplicable:

3.11.1.1 yourapplicationtoopenaPlan;

3.11.1.2 yourrequesttotransferanInvestmentISAorCashISAtous;or

3.11.1.3 thedetailsofanyindividualtransactioninrelationtoyourPlan.

3.12 Withdrawals

3.12.1 YoucanmakepartialcashwithdrawalsfromyourPlanatanytimeuponprovidinguswithwritteninstructionsinlinewiththeseISATermsofBusiness.IfyourproposedwithdrawalwouldresultinyourInvestmentsfallingbelowtheminimumrequirementfortheInvestmentsasspecifiedinclause3.6,wemaytreatyourwithdrawalasaninstructiontoterminateyourInvestmentISA.

3.12.2 Wewillimplementyourinstructionswithinsuchtimeasisstipulatedbyyouinthewritteninstructionssubjecttoareasonablebusinessperiodrequiredforthepracticalimplementationoftheinstructions(whichmustnotexceed30days).

3.12.3 SubjecttotheRegulationsandanyinstructionyougiveus,andunlessyourconsentisprovidedforustosellcertainInvestmentsinordertomeetyourwithdrawalrequest,wewillallocateequalpercentagestosellacrossyourInvestments.

3.12.4 AllmoniesinvestedinyourPlan,evenifwithdrawn,willcounttowardsyourannualInvestmentmaximuminaccordancewiththeRegulations.

3.13 Transfers to other plan managers

3.13.1 SubjecttotheRegulations,youhavetherightatanytimetotransferyourPlantoanotherplanmanager.

3.13.2 Toeffectatransferyoumustsubmittousawritteninstructionand/oraletterofacceptancefromyournewISAmanager.Thetransferwilltakeplacewithinsuchtimeasisstipulatedbyyouinthewritteninstructionssubjecttoareasonablebusinessperiodrequiredforthepracticalimplementationoftheinstructions(whichisusuallyfourweeksbutmustnotexceed30days).WewillhaveabsolutediscretionastowhethertoeffectthetransferincashfollowingthesaleofallInvestmentsheldbyyouorwhethertotransferthelegaltitletotheInvestmentsdirectlytoyournewplanmanager.

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3.13.3 InaccordancewiththeRegulations,ifyouwishtotransferanInvestmentISAforthecurrentyear,thetransfermustbeeffectedinrespectofallthesubscriptionsmadethatyear.InrelationtoISAsopenedinrespectofapreviousyearthetransfermustbeeffectedinrespectofallholdingsheldinthatyear’sPlan.

3.13.4 Nopartialtransferswillbeallowed.

3.14 Termination

3.14.1 ThePlanmaybeterminatedbythePlanManagerinthefollowingcircumstances:

3.14.1.1 immediatelyongivingwrittennoticetoyouif,initsreasonableopinion,itisimpossibletoadministerthePlaninaccordancewiththeRegulationsoryouareinbreachoftheRegulations.ThePlanwillterminateautomaticallyifitfailstosatisfytheprovisionsoftheRegulations.ThePlanManagerwillnotifyyouinwritingif,byreasonofanyfailuretosatisfytheprovisionsoftheRegulations,yourPlanceasestoqualifyasanISA(i.e.isnolongertaxexempt);

3.14.1.2 on30days’writtennoticeifyoufailtopayanymoneydue;or

3.14.1.3 on30days’writtennoticeifyouareinbreachofanyoftheseISATermsofBusiness.

Inthesecircumstances,anyInvestmentsinthePlanwillbesoldandtheproceedstransferredtoyou,subjecttoourrighttoretaincashinrespectofourfees(assetoutinclause1.12ofPart1).

3.14.2 YoumayterminateyourPlanatanytimebywritteninstructions.WewilleffecttheterminationofyourPlanbysellingtheInvestmentsandtransferringthecashproceedstoyou.Thewithdrawalwilltakeplacewithinsuchtimeasisstipulatedbyyouinthewritteninstructionssubjecttoareasonablebusinessperiodrequiredforthepracticalimplementationoftheinstructions(whichmustnotexceed30days).

3.15 Death

From6April2018,intheeventofyourdeath:

3.15.1 wewilltransferthecashproceedsfromthesaleoftheInvestmentsinyourPlantoyourpersonalrepresentativeontheirinstruction;

3.15.2 inaccordancewiththeIndividualSavingsAccountsRegulations1998,yourPlanwillberegardedasacontinuingaccountofadeceasedinvestor(andtherebycontinuetoreceivebeneficialtaxtreatment)untiltheearlierof:

(a)thecompletionoftheadministrationofyourestatebyyourpersonalrepresentative;

(b)thedayfallingonthethirdanniversaryofyourdeath;or

(c) theclosureofyouraccountwithinthemeaningofregulation4B(3)(a)oftheIndividualSavingsAccountRegulations1998;and

3.15.3 wewillnotacceptanyfurtherpaymentsintoyourPlanafterthedateofyourdeath.AnyarrangementsforthepaymentofmoneyintoyourPlanwillceasetoapplyafteryourdeath.

3.16 Charges

3.16.1 TheKeyFactsDocumentcontainsinformationaboutthecostsrelatingtoinvestinginthePlan.

3.16.2 Subjecttocompliancewithclause1.1ofPart1,wereservetherighttointroduceadditionalchargesinthefuturetocoveranyadditionalexpensesincurredbyusasaresultofamaterialchangeinRegulations.Shoulditeverbecomenecessarytointroducesuchacharge,youwillbegiven30days’writtennotice.YoumayatanytimeterminateyourPlaninaccordancewithclause3.14.

3.17 Records of your Plan

3.17.1 Wewillundertaketodothefollowing:

3.17.1.1 maintainallsuchrecordsrelatingtoyourPlan;

3.17.1.2 makeappropriatereturnstoHMRevenueandCustomsforthepurposesoftaxation;and

3.17.1.3 providealltaxationdetailstoyou,asmayberequiredundertheRegulations.

3.18 Delegation of functions

WemayappointathirdpartytoactinrespectofanyfunctionrelevanttotheadministrationofyourPlan.Should

weappointathirdparty,wewillsatisfyourselvesthatanysuchthirdpartyiscompetenttocarryoutthosefunctionsorresponsibilities.Weshalltakefullresponsibilityfortheactionsandomissionsofanysuchthirdparty.

3.19 Exclusion of liability

3.19.1 YourattentionisdrawntotheKeyFactsDocument,andtheinformationprovidedtoyouwhenyoumakeyourISAApplication,aswellastheriskssetoutintheprospectus,andkeyinvestorinformationdocumentforeachFundinwhichyouinvest.

3.19.2 Subjecttoclause1.11,weacceptnoresponsibilityfortheperformanceorprofitabilityofthePlan.

3.19.3 ThepriceofInvestmentscangodownaswellasupandthereisadegreeofriskattachedtostockmarketinvestments(inwhichyourchosenInvestmentsmayinvest).Youmaynotgetbacktheamountinvested.

3.19.4 Youareremindedthatpastperformanceisnotareliableindicatoroffutureresults.

3.19.5 WewillnotbeliableforanylossyouexperiencethroughafallinvalueoftheInvestments.

PART 4: OUR INSURANCE ADVISORY SERVICE

4. INSURANCE ADVISORY SERVICE

4.1 General

ThisPart4setsoutthebasisonwhichCitiwillprovidetheInsuranceAdvisoryService.TheTermsofBusinessinthisPart4applytoalladviceinrelationtoInsuranceProducts.

4.2 Regulatory Information relating to our Insurance Advisory Service

4.2.1 CitiisregisteredasaninsuranceintermediaryundertheIrishEuropeanCommunities(InsuranceMediation)Regulations2005.Youcanverifythisbyvisitinghttp://registers.centralbank.ie.

4.3 Assessing your needs

4.3.1 BeforeadvisingyouonInsuranceProducts,CitiwillrequireyoutocompleteaWealthPlanner,inwhich,amongstotherthings,youcommunicatetoCitiyourfinancialandpersonalcircumstancesandneeds.ThiswillassistCitiinprovidingyouwithsuitableadvice.

4.3.2 Ifyourfinancialandpersonalcircumstancesandneedschangeatanytime,youagreetoinformCitiofthiswithoutdelay.

4.3.3 YoumayrequestCititoprovidefurtheradviceonInsuranceProductsatanytimebycompletinganewWealthPlannerforCiti’sconsideration.

4.3.4 PleasenotethatunlessCitiisentirelysatisfiedwiththemannerinwhichyourWealthPlannerhasbeencompletedCitimayreasonablyrefusetoprovidetheinsuranceservicesyourequestuntilthishasbeencorrectedorcompletedtoCiti’ssatisfaction.

4.4 Advice

4.4.1 InrelationtotheInsuranceAdvisoryServiceprovidedbyCititoyou,Citi:

4.4.1.1 isnotunderacontractualobligationtoconductinsurancemediationbusinessexclusivelywithoneormoreinsurancecompaniesanddoesnotprovideadviceonafairanalysisbasis.Weshallprovideyouwith‘restrictedadvice’whichmeansthatwewilladviseandmakearecommendationtoyouthatisbasedonandtakesintoaccountlimitedtypesofInsuranceProducts,orInsuranceProductsfromonecompanyoralimitednumberofcompanies.OuradvicewillnotbebasedonacomprehensiveanalysisofallavailableInsuranceProductswithinagivenproductcategory.YoushouldrefertotheKeyFactsDocumentforadditionalinformation;

4.4.1.2 isobligedundertheMiFIDRegulationstoseekinformationaboutyourpersonalandfinancialcircumstancesinordertogivesuitableadvice;

4.4.1.3 shallassumethatinformationaboutyourpersonalandfinancialcircumstances,assetoutintheWealthPlannerandinanyfurtherdocumentation,isaccurateunlessyouhaveinformedusthatitisnot;

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4.4.1.4 shallhavenoresponsibilitytoyouifanysuchinformationchangesorbecomesinaccurateunlessyouhaveinformedusofsuchchanges;and

4.4.1.5 requiresyoutoprovideCitiwiththeinformationwhichCitiisobligedtoobtain,andyouagreetoprovidethisinformationandensurethatitisaccurateandup-to-date.IfyoufailtodosoyouacknowledgethatthismayhaveanadverseeffectonthequalityoftheserviceprovidedbyCitiandacceptthatCitishallhavenoresponsibilitytoyouinrelationtoanyfactreliedonbyCitiaboutyourpersonalandfinancialcircumstanceswhichbecomesinaccurateorincomplete.

4.4.2 IfyouwanttomakeaTransactionAgainstAdvice,CitimayagreetocarryoutyourorderevenifitiscontrarytoCiti’sadviceandunsuitableforyourneedsandwillinformyouthatthetransactionwillbeaTransactionAgainstAdvice.BeforeaTransactionAgainstAdviceiscarriedoutbyCitiyouwillberequiredtosignaninsurancepurchasedeclaration(orsuchotherwrittenconfirmationasCitimayrequirefromtimetotime)asevidencethatyouunderstandthatthetransactionisbeingmadeagainstadvicefromCiti.

4.4.3 Citi:

4.4.3.1 mayprovideanon-advisedserviceinrelationtocertainInsuranceProducts(i.e.withoutprovidinganInsuranceAdvisoryService);and

4.4.3.2 mayfromtimetotimeatitsdiscretion,provideinformation,adviceandrecommendationsonitsowninitiative,butshallnotbeunderanyobligationtoprovideon-goingadviceinrelationtoyourinsuranceneedsandarrangementsunlessyouhaveenteredintoanappropriateseparateagreementwithCitiforregularreviewsandtheprovisionofspecificrecommendationsfromtimetotime.

4.5 Insurance Product Terms

ThetermsandconditionsthatapplytoparticularInsuranceProductswillbeissuedbytherelevantcompanyprovidingtheInsuranceProduct.

SCHEDULE 1: CONTRACTS ENTERED INTO AT A DISTANCE

1. Distance Contracts

WhenCitientersintoanagreementwithyouincircumstanceswhereCitihasnoface-to-facephysicalcontactwithyou,CitiisrequiredtoprovideyouwithcertaininformationoverandabovethatsetoutinthemainbodyoftheseTermsofBusinessandtogiveyoucertainadditionalcancellationrights.ThisSchedulesetsoutthenecessaryinformationandcancellationprovisionsandshouldbereadwith,andformpartof,theseTermsofBusiness.

2. Information about Citi

CitibankEuropeplc,UKBranch,isabranchofCitibankEuropeplc,whichislicensedbytheEuropeanCentralBankandisregulatedbytheCentralBankofIrelandandtheEuropeanCentralBank(referencenumberisC26553).ItisauthorisedbythePrudentialRegulationAuthorityandsubjecttolimitedregulationbytheFinancialConductAuthorityandPrudentialRegulationAuthority.ItappearsontheUK’sfinancialservicesregisterwithfirmreferencenumber211646.CitibankEuropeplc,UKBranchisregisteredasabranchinEnglandwithUKestablishmentnumberBR017844.ItsUKestablishmentofficeaddressisCitigroupCentre,CanadaSquare,LondonE145LB.ItsUKVATnumberisGB429625629.CitibankEuropeplcisregisteredinIrelandwithcompanyregistrationnumber132781.Itsregisteredofficeisat1NorthWallQuay,Dublin1,D01T871,Ireland.DetailsabouttheextentofourauthorisationandregulationbythePrudentialRegulationAuthority,andregulationbytheFinancialConductAuthorityareavailablefromusonrequest.

3. Information about Citi’s services

SomeofCiti’sservicesrelatetoinstrumentswhosepricedependsonfluctuationsinthefinancialmarketsoutsideCiti’scontrol.Theseproductsarenotanobligationof,orguaranteedby,Citiandaresubjecttoinvestmentrisks,includingpossiblelossoftheprincipalamountinvested.Pleasenotethatpastperformanceisnotareliableindicatoroffutureresultsandinvestmentscangodownaswellasup.

4. Information about charges, costs and taxes

Citi’schargesandthearrangementsforpaymentaresetoutintheKeyFactsDocumentandtheInvestmentCostsandChargesIllustration.NoseparatechargewillbeleviedforusingameansofDistanceCommunication.Youmaybesubjecttotaxesandcosts,whicharenotpaidthroughCitiorimposedbyCiti.

5. Information about the Terms of Business

EnglishlawistakenbyCitiasthebasisfortheestablishmentofrelationswithyoupriortotheconclusionoftheseTermsofBusiness.TheseTermsofBusinessaregovernedbythelawofEnglandandWales.TheseTermsofBusinessaresupplied,andCitiwillcommunicatewithyouduringthecourseoftheTermsofBusiness,intheEnglishlanguage.TheseTermsofBusinesshavenominimumduration.

6. Cancellation rights: these Terms of Business

WhereyouhaveenteredintotheseTermsofBusinessincircumstanceswhereCitihasnoface-to-facephysicalcontactwithyou,youmayhavearighttocanceltheseTermsofBusiness.Thiscancellationrightapplieswithin14daysfromthelaterof:

(a) thedayofconclusionoftheseTermsofBusiness;or

(b) thedayonwhichyoureceivetheseTermsofBusinessandanyotherpre-contractualorotherinformationthatwemayberequiredtoprovideyou.

ThiscancellationrightappliestotheTermsofBusinessthemselvesandnottotransactionscarriedoutbyCitiundertheTermsofBusiness.ThecancellationoftheTermsofBusinessbyyouwillnotresultintheunwindingoftransactionseffectedduringthecancellationperiod(althoughyoumayhaveadditionalcancellationrightsinrespectofsuchtransactionsassetoutinclause1.4ofPart1).YouagreethatCitimaybegintoprovideservicesundertheTermsofBusinessnotwithstandingyourrighttocanceltheTermsofBusiness.Youmay,withoutgivinganyreason,exerciseyourcancellationrightbygivingCitiwrittennoticebeforeexpiryofthe14dayperiodtothefollowingaddress:

CitibankEuropeplc,UKBranchOperationsDepartmentPOBox4012Swindon,SN44JZ

ByexercisingyourrighttocancelyouwillwithdrawfromtheTermsofBusinessandtheTermsofBusinesswillbeterminated.Citiwillpayyouwithoutdelay,andnolaterthan30daysafterthedateonwhichCitireceivednoticeofcancellationfromyou,anysumwhichyouhavepaidtoCitiorforCiti’sbenefitinconnectionwiththeTermsofBusiness(includingsumspaidbyyoutoCitiagents).Notwithstandingtheabove,youagreetopayfortheservicesCitihasactuallyprovidedinconnectionwiththeTermsofBusiness;suchpaymentwillbeinproportiontotheextentoftheservicesalreadyprovidedtoyou.

YouagreethatCitiisentitledtoreceivewithoutdelay,andnolaterthan30daysafterthedateonwhichyoupostedorotherwisesentnoticeofcancellationtoCiti,anysumsorpropertyorboththatbecameyoursundertheTermsofBusiness.

This14daycancellationrightisinadditiontoyourrighttoterminatetheseTermsofBusinessbynoticegiveninwritingatanytimeasprovidedforinclause1.5ofPart1oftheseTermsofBusiness.Your14daycancellationright,thearrangementsforexercisingthatrightandthechargesthatCitimaylevyupontheexerciseofthatrightareconfinedtothebeginningoftherelationshipbetweenCitiandyouandareseparatefromthestandardterminationarrangementsinclause1.5ofPart1oftheseTermsofBusinesswhichwilloperatethereafter.IfyouchoosenottocanceltheseTermsofBusiness,theywillcontinueinforceunlessanduntilterminatedinaccordancewithclause1.5ofPart1.

7. Contact details

CitibankEuropeplc,UKBranchLevel10,CitigroupCentre133CanadaSquareLondon,E145LBUnitedKingdom

VisitCitibankEuropeplc,UKBranchwebsiteatwww.citibank.co.uk

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SCHEDULE 2: INVESTMENT PRODUCT TERMS

WherethereisaconflictbetweentheseInvestmentProductTermsandtheTermsofBusinesssetoutinthemainbodyofhisdocument,theseInvestmentProductTermswillprevail.

1. Collective Investment Schemes

1.1 TheseInvestmentProductTermsaresubjecttotheTermsofBusinesswhichgovernCiti’srelationshipwithyouandtheprovisionofinvestmentadvice.

1.2 Thekeyinvestorinformationdocument,KIDorsimplifiedprospectus(asapplicable)shouldbereadbyyouinconjunctionwiththeseInvestmentProductTermsforeachcollectiveinvestmentschemewhichyouareconsideringinvestingin.Thekeyinvestorinformationdocument,KIDorsimplifiedprospectusapplicabletoeachcollectiveinvestmentschemewillcontainriskwarningswhichyoumustreadpriortoinvesting.

1.3 Collectiveinvestmentschemesenableyoutoinvestininternationalmonetaryinstruments,bonds,equities,othersecuritiesandcommoditiesbypurchasingunitsorsharesinacollectiveinvestment,whichholdaportfoliooforotherwiseobtainexposuretosuchinvestments.

1.4 YouauthoriseCiti,wheresoinstructedbyyou,topurchaseorsell(orarrangethepurchaseorsaleof)sharesorunitsinFundsforyouraccount.

1.5 Allinstructions,includingrequeststobuyandsellunitsincollectiveinvestmentschemes,mustbesenttoCitionthetermsoftherelevantcurrentprospectusfortherelevantcollectiveinvestmentschemeandwillbesubjecttotherulesandregulationsgoverningthatparticularcollectiveinvestmentscheme.InstructionswillnormallybeprocessedbycloseofbusinessonthenextBusinessDayfollowingtheBusinessDayonwhichtheinstructionswerereceivedbyus(butinanycasenolaterthancloseofbusinessonthesecondBusinessDayafterwereceiveyourinstructions).Pleasenote,however,thatwherewereceiveinstructionstosellandrepurchaseunitsinthesamecollectiveinvestmentschemesuchinstructionswillbecarriedoutseparatelyandtherepurchasewillonlybeprocessedoncethefirstinstructiontosellhassettled.Thismeansthatsuchinstructionswillpotentiallybesubjecttodifferentprices.

1.6 Pleasebeawarethat,whereyouexerciseyourcancellationrightsafterhavingenteredintoaninvestmenttransaction,youmayreceivebacklessthantheamountinitiallyinvestedifthevalueofyourinvestmenthasgonedownduringtheperiodpriortocancellation.

1.7 WhereCitiiscarryingoutyourinstructions,allunitsorsharesincollectiveinvestmentschemeswillbeheldinthenameofanappointednomineecompany.PleaseseePart2oftheseTermsofBusinessfordetails.

1.8 Unlessotherwiseagreedwithyou,orunlesswearerequiredbyApplicableLaw,Citiandanyappointednomineeoragentshallnotbeobligedtoadviseyouofanycommunicationsthatarereceivedinrelationtoyourinvestmentinacollectiveinvestmentscheme,nortotakeanyactioninrelationtosuchcommunications.InparticularCitiandappointednomineesoragentswillnotbeunderanyobligationtoconsultyouastohoworwhetherthevotingrightsattachedtotheunitsorsharesinthecollectiveinvestmentschemeinwhichyouinvestshouldbeexercisedandshallhavecompletediscretionastowhethertoexercisesuchvotingrightsatall.

1.9 Anyinterest,dividends,andotherincomeandcapitalgainsfromunitsorsharesincollectiveinvestmentschemesmaybesubjecttotaxes,includingWithholdingTax.

1.10 YouaresolelyresponsibleforpayingtaxesorWithholdingTaxarisingfromthepurchaseorsaleofyourunitsorsharesincollectiveinvestmentschemes.Inaddition,youareresponsibleforanystamporexcisetaxesorestatetaxesassociatedwithyourInvestments.IfCitipaysanyofthesetaxesforyou,youagreethatCitimaydeducttheamountpaiddirectlyfromyourInvestmentAccountorBankAccount.Citihasnoobligationtoreclaimforyouanyexcesstaxeswithheld.

1.11 Subjecttoclause1.11ofPart1oftheseTermsofBusiness,Citiacceptsnoresponsibilityfortheperformanceorprofitabilityofyourinvestmentincollectiveinvestmentschemes.Youmustbeawarethatthevalueofanyinvestmentcangodownaswellasupandthatthereisadegreeofriskattachedtostockmarketinvestments(inwhichyourchosencollectiveinvestmentschememayinvest).Youmaynotgetbacktheamountyouinvested.Youareremindedthatpastperformanceisnotareliableindicatoroffutureresults.

1.12 Dependingonthetypesofunitsand/orsharesavailableinthecollectiveinvestmentschemeinwhichyouchoosetoinvest,youmayopteither:

1.12.1 foranyincometheunitsand/orsharesmightmaketobedistributedtoyouonceitisreceivedbytheCustodian;

1.12.2 foranyincometobeautomaticallyreinvestedtopurchaseadditionalunitsand/orsharesinyourchosencollectiveinvestmentscheme(s);or

1.12.3 topurchaseonlyaccumulationunitsand/orshareswhichdonotdistributeincomebutwhereanyincreaseintheirvalueisreflectedinthenetassetvalueofthesharesand/orunitsinthecollectiveinvestmentscheme.

Pleasenote,however,that,forcertainInvestmentProducts,notalloftheoptionslistedabovemaybeavailable.

1.13 Thecostofpurchasingunitsorsharesforyoumaynotexactlymatchtheamountofmoneywhichyouwishtoinvestintheunitsorshares.InsuchcircumstancesCitiwillpurchase(orarrangetobepurchased)asmanyunitsaspossiblewithyourinvestmentmoney.AnyresidualbalancefromyourinvestmentmoneywillbeheldonyourbehalfbyCitiinyourInvestmentAccountuntilsuchtimeastheaccumulativeamountreaches£10,atwhichpointthemoneywillbepaidintoyourBankAccountfromwhichtheinvestmentmoneywasdebited(orotheraccountasyoumayadvise).

2. ISAs

TheISATermsofBusinesswhichrelatespecificallytoISAsarecontainedinPart3oftheseTermsofBusiness.

3. Structured notes

Thetermsandconditionswhichrelatespecificallytostructurednotesarecontainedinaseparatedocumententitled‘SubscriptionAgreement’.

4. Investment Linked Life Insurance

TheInvestmentLinkedLifeInsuranceProductTermswhichrelatespecificallytoInvestmentLinkedLifeInsuranceProductsarecontainedinaseparatedocumentwhichwillbeprovidedtoyoubyyourRelationshipManageratthetimeyouapplyforaspecificInvestmentLinkedLifeInsuranceProduct.

5. Investment Funds Account

5.1 TheseInvestmentFundsAccountTermsofBusiness(the“Investment Funds Account Terms”)setoutthebasisuponwhichtheInvestmentFundsAccount,paidforviaaFixedPercentageMonthlyCharge(the“Investment Funds Account”),isofferedtoyou.

5.2 TheseInvestmentFundsAccountTermstakeeffectfromthedatewhenyourInvestmentFundsAccountisopenedandshouldbereadinconjunctionwiththeTermsofBusiness(the“General Terms”)includingtheKeyFactsDocument.AllofthesedocumentsformpartofthecontractualagreementbetweenyouandCiti.YoushouldensureyoureadandunderstandallthesedocumentsbeforedecidingtoopentheInvestmentFundsAccount.

5.3 UnlessotherwisedefinedintheseInvestmentFundsAccountTerms,thedefinitionsincludedintheGeneralTermsapply.TotheextentthatthereisaninconsistencybetweentheseInvestmentFundsAccountTermsandtheGeneralTerms,theseInvestmentFundsAccountTermswilltakeprecedence.

5.4 InvestmentAdvisoryServices:

5.4.1 AspartofourInvestmentAdvisoryServiceyouwillbeabletoreceiveinvestmentadvicefromusonatransaction-by-transactionbasisandalsorequestperiodicportfolioreviewsonanadhocbasis.IfyoupaytheFixedPercentageMonthlyChargeforyourInvestmentFundsAccountyouwillnotbechargedaseparateAdvisoryFee,TransactionFeeorGlobalCustodyFee,assetoutbelowandintheKeyFactsDocument.

5.4.2 Thisisnotafiduciaryrelationship.CitiwillnotmakeinvestmentdecisionsregardingyourInvestmentFundsAccount.Althoughyoumaymakeinvestmentdecisionsbasedonguidanceorrecommendationsprovidedbyus,thedecisiontoproceedwiththeinvestmentissolelyyours.TransactionsintheInvestmentFundsAccountareexecutedsolelyuponyourinstruction.YoushouldfullyreviewSchedule4UnderstandingourServicesandRisksintheGeneralTermsbeforemakinganyinvestmentdecisions.

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5.5 Eligibilitycriteria:

5.5.1 TheInvestmentFundsAccountisavailabletotheclientsofCitibankEuropeplcwhoarealsoUKresidents,andareeitherCitigoldcurrentaccountholdersorCitigoldPrivateClients.

5.5.2 Theminimuminvestmentandtheminimumholdingamountis£200,000oracurrencyequivalent.IfthevalueofyourInvestmentFundsAccountfallsbelow£200,000duetoyourinstructiontoredeemortransferoutsomeoralloftheholdings,youwillberequiredtomakeadditionalinvestmentstobringthevalueofyourInvestmentFundsAccountbackto£200,000.IfthevalueofyourInvestmentFundsAccountremainsbelow£200,000forover30days,forreasonsotherthanadecreaseinthemarketvalueoftheAssetsintheInvestmentFundsAccount,CitimayterminatetheseInvestmentFundsAccountTermsassetoutbelow.

5.6 Keypointstoconsider:

5.6.1 TheInvestmentFundsAccountcanonlybeusedtoinvestinFundsandcannotbeusedtoinvestinotherInvestmentProducts.

5.6.2 TheInvestmentFundsAccountcanonlybeopenedviayourRelationshipManager.

5.6.3 TheAssetsheldinyourInvestmentFundsAccountcannotbeheldinanInvestmentISA.

5.6.4 InformationaboutregularinvestmentcontributionsiscontainedinPart2atclause2.5.RegularinvestmentcontributionscanbemadefromyourBankAccountonly.ThesewillbecollectedfromyourBankAccountonthedateweagreewithyouwhenyousetupyourregularcontributionarrangements.IfyouestablisharegularinvestmentplantoinvestinFunds,theminimumregularinvestmentamountis£500perFund.

5.7 Charges:

5.7.1 DetailsofthecosttoyouofhavingtheInvestmentFundsAccountaresetoutintheKeyFactsDocument.

5.7.2 InrelationtotheInvestmentFundsAccount,youwillbechargedaFixedPercentageMonthlyChargeassetoutintheKeyFactsDocument.TheFixedPercentageMonthlyChargecoverstheprovisionoftheInvestmentAdvisoryService,theexecutionofyourtransactionsandcustodyservices.

5.7.3 YouwillnotbechargedaTransactionFeeoraseparateAdvisoryFeeonthetransactionswithinyourInvestmentFundsAccount.YouwillnotbechargedaseparateGlobalCustodyFeeontheAssetsheldintheInvestmentFundsAccountascustodyservicesarecoveredbytheFixedPercentageMonthlyCharge.

5.7.4 TheFixedPercentageMonthlyChargewillbedeductedfromtheBankAccount(s)linkedtoyourInvestmentAccountinaccordancewithclause2.3ofPart2.IftheamountinyourBankAccountisinsufficienttocovertheFixedPercentageMonthlyCharge,wemayliquidateassetsfromyourportfolioinordertopaytheFixedPercentageMonthlyCharge.

5.8 AmendingtheseInvestmentFundsAccountTerms:

Citimaychange,vary,amendorsupplementtheseInvestmentFundsAccountTermsinaccordancewiththeprovisionsofclause1.1ofPart1.

5.9 TerminatingtheseInvestmentFundsAccountTerms:

5.9.1 YoumayterminatetheseInvestmentFundsAccountTermsandsomayCiti.Theterminationprovisionsincludedinclause1.5ofPart1willalsoapplytotheseInvestmentFundsAccountTerms.YoushouldbeawarethatterminationoftheseInvestmentFundsAccountTermswillalsoterminatetheprovisiontoyouofourInvestmentAdvisoryServiceinrelationtotheInvestmentFundsAccount.

5.9.2 Inadditiontotheprovisionsinclause1.5ofPart1,youshouldbeawarethatCitimayalsoterminatetheseInvestmentFundsAccountTermswherethevalueofyourInvestmentFundsAccountremainsbelow£200,000forover30days,forreasonsotherthanadecreaseinthemarketvalueoftheAssetsheldinyourInvestmentFundsAccount.Insuchsituations,CitimayclosetheInvestmentFundsAccountby30days’priorwrittennoticetoyou.IntheeventthatCiticlosestheInvestmentFundsAccount,CitiwillliquidatetheAssetsheldinyourInvestmentFundsAccountunlessyouprovideaninstructiontotransferyourAssetstoanotherInvestmentAccountyouholdwithCitiortoathirdparty.CitiwillliaisewithyoutodeterminewhereyouwishyourAssets,orproceedsfollowingliquidation,tobetransferred.

SCHEDULE 3: CLIENT MONEY

1. Client money

1.1 MoneyheldforyouinanaccountwithuswillbeheldbyusasbankerandnotasclientmoneyundertheMiFIDRegulationsand/ornotastrustee.AsaresultofthemoneynotbeingheldasclientassetsundertheMiFIDRegulations,youwillnotbeentitledtoshareinanyspecificclientmoneydistributionintheeventofCiti’sinsolvency(oranalogousevent).

1.2 Whereyouoweusmoney,wemayusemonieswhichweholdonyourbehalf(whetherheldasasoleInvestmentAccountHolderoraJointInvestmentAccountHolder)inortowardssatisfactionofallorpartoftheamountyouowetoCitiinthesamename(s).Wewillonlyeverdothisifthemoneyyouoweisimmediatelyrepayableorifweneedittopaytaxonyourbehalf.Wearenotobligedtoexercisethisrightbutwillnotifyyouatleast14daysbeforeweproposetodoso.

2. Unclaimed custody assets

Intheeventthatthereisnomovementoveranaccountyouholdwithusforaperiodof12years(inrelationtoyourAssets),notwithstandinganyassetservicingdiscretionexercisedbyusintheabsenceofinstructionsfromyou,andweareunabletocontactyouhavingmadereasonableattemptstodoso,wemaytransferyourmoneyorAssets,ortheliquidationproceedstoaregisteredcharityofourchoice.Inthesecircumstanceswewillstillbeliabletopaythesebalancestoyouonpresentationofavalidclaim.

SCHEDULE 4: UNDERSTANDING OUR SERVICES AND RISKS

Thisnoticeisprovidedtoyou,asaretailclient,incompliancewiththeApplicableLaw.

Thisnoticecannotdisclosealltherisksandothersignificantaspectsoftheproductsdescribedbelow.Youshouldnotdealintheseproductsunlessyouunderstandtheirnatureandtheextentofyourexposuretorisk.Youshouldalsobesatisfiedthattheinvestmentissuitableforyouinthelightofyourownparticularexperience,objectivesandfinancialcircumstances.

Theremaybeacreditriskinvolvedwithanypersonsinvolvedinthedistributionofinterestsinaproductdescribedbelow,oranycounterpartytoaproductdescribedbelow,arisingfromthepotentialinsolvencyandcreditfailingofthosepersonsorcounterpartieswhichmayresultinpartof,orthefullamountofyourinvestmentnotbeingrepaidtoyou.

Althoughdifferentproductscanbeutilisedforthemanagementofinvestmentrisk,someoftheseproductsareunsuitableformanyinvestors.Differentinstrumentsinvolvedifferentlevelsofexposuretoriskandindecidingwhethertotradeinsuchinstrumentsyoushouldbeawareofthefollowingpoints.

Youshouldalsounderstandthatindicationsofpastperformanceofaproductarenotareliableindicatoroffutureresults.

Bank Recovery and Resolution Directive

TheBankRecoveryandResolutionDirective(orBRRD)setsoutresolutiontoolsandpowersforBRRDResolutionAuthoritiesinrespectofBRRDEntitiesandwhensuchtoolsandpowerscanbeused.TheBRRDalsocontainslimitationsonEEAmemberstatescontributingpublicfinancestoabsorblossesorrecapitaliseBRRDEntities.TheuseofsuchtoolsandpowersandthelimitationsonuseofpublicfinancesmayaffectBRRDFinancialInstrumentsorliabilitiesorobligationsowedbyaBRRDEntity.Forexample,thevalueofBRRDFinancialInstrumentsmaybereducedtozeroand/orliabilitiesowedtoyoumaybeconvertedintoordinarysharesorotherinstrumentsofownershipforthepurposesofstabilisationandlossabsorptionandtheexerciseoftheresolutiontoolsandpowersmaylimitaBRRDEntity’sabilitytosatisfyliabilitiesorobligations(includingrepaymentobligations).ThetermsofexistingBRRDFinancialInstruments(e.g.dateofmaturityorinterestratespayable)couldbealteredandpaymentscouldbesuspended.

Wemayoffer,issue,orprovideadviceorotherservicesinrelationtoBRRDFinancialInstrumentsandliabilitiesandobligationsofBRRDEntitiesandindecidingtodealwithusgenerally,andinanyparticularcase,youshouldensurethatyouunderstandtheresolutiontoolsandpowersundertheBRRDwhichmaybeexercisedinrespectofaBRRDEntity,andthepotentialconsequencesonanyBRRDFinancialInstrumentorotherliabilityorobligationofaBRRDEntityoftheexerciseoftheresolutiontoolsandpowersundertheBRRD.Youshouldalsonotethat:(i)thetoolsandpowersundertheBRRDaresubjecttoEEAMemberStateimplementationandthatadditionalpowersandtoolsmayapplyinEEAMemberStates;and(ii)non-EEA

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equivalentsofBRRDEntities(fortheavoidanceofdoubt,thisincludescertaincompaniesintheCitigroupOrganisation)maybesubjecttoresolutiontoolsandpowersthataresimilar,andhaveequivalentconsequences,totheresolutiontoolsandpowersundertheBRRD.

1. Shares

1.1 Whenyoubuyorsubscribeforsharesissuedbyacompany,youarebuyingapartofthatcompanyandyoubecomeashareholderinit,whichusuallymeansyouhavetherighttovoteoncertainissues.Youcaneitherbuynewshareswhenthecompanysellsthemtoraisemoney(throughaninitialpublicoffering)orbuyexistingshareswhicharetradedonthestockmarket.

1.2 Theaimisforthevalueofyoursharestogrowovertimeasthevalueofthecompanyincreasesinlinewithitsprofitabilityandgrowth.Inaddition,youmayalsoreceiveadividend,whichisincomepaidoutofthecompany’sprofits.Longer-establishedcompaniesusuallypaydividendswhereasgrowingcompaniestendtopaylower,orno,dividends(withtheseashareholderwouldtypicallybehopingforbettercapitalgrowth).

1.3 Undernormalcircumstances,ashareholderinacompanyhasnorighttorequirethatcompanytoreturncapitaltoit.Unlessthecompanychoosestoreturncapitaltotheshareholder(forexample,byeffectingasharebuyback)orthesharescarryredemptionrightsexercisablebytheshareholder(whichisnormallynotthecase),theshareholder’sonlywaytorealiseitsinvestmentwillbetosellthesharestoanotherinvestor.Consequently,ashareholder’sreturnfrominvestingintheequitywilldependtoalargeextentonthemarketpriceoftheequitiesatthetimeofthesale.Themarketpriceofanequityisaffectedbythesupplyof,anddemandfor,thatequitywithinthemarket.Inturn,supplyanddemand(andthereforethevolatilityoftheshareprice)areaffectedbyanumberoffactorsincluding:

• domesticversusinternationalfactors–thevulnerabilityofthecompanytointernationaleventsormarketfactors.Thesewouldincludemovementsinexchangerates,changesintradeortariffpoliciesandchangesinotherstockorbondmarkets;

• sector-specificfactors–thesewouldincludedemandfortheproductthecompanyproduces,commodityprices,theeconomiccycleofindustry,changesinconsumerdemands,lifestylechangesandchangesintechnology;and

• company-specificfactors–thesewouldincludethecompany’sdirectors,thestrengthofthecompany’smanagementandthesignificanceofanykeypersonnel,thecompany’sprofithistory,thecompany’stangibleassetbase,debtlevelandfixedcoststructure,litigation,profitsorlossesonparticularcontracts,competitionfromwithinthesector,andwhetherthecompanyalreadyhasaprofitablebusinessorwhetheritisexploringforrecoverableresourcesorisdevelopinganewproduct.

1.4 Thelevelofastockmarketgoesupordownasthepricesofthesharesthataretheconstituentsofthatmarketgoupordown.Afactordeterminingthepriceofashareistheperceptionofitscurrentvaluetoitsowner.

1.5 Onefactorthatcouldaffectthepriceofashareisachangeinopinionastohowwellthecompanyitselfisperformingorcouldperforminthefuture.Thisopinionisfrequentlybasedonpredictionsabouttheeconomicconditionsinwhichacompanyisoperating,whichiswhyitmightseemthatstockmarketsgoupordowndependingoneconomicconditions.

1.6 Sharesaregenerallyafairlyvolatileassetclass–theirvaluetendstogoupanddownmorethanotherclassessuchasbondsandregulatedcollectiveinvestmentschemes.Ifyouareinvestinginshares,youshouldexpectthevalueofyourinvestmenttogodownaswellasup,andyoushouldbecomfortablewiththis.Holdingsharesishighrisk–ifyouhaveputallyourmoneyintoonecompanyandthatcompanybecomesinsolventthenyouwillprobablylosemost,ifnotall,ofyourmoney.

1.7 Intheshortterm,sharesmaygoupanddowninvalueandthiscanoccasionallybeverysignificant.However,ifyouhaveawiderangeofshares,itreducesthelikelihoodoflosingallormostofyourmoney.

1.8 Theliquidityofthesharesmaybeaffectedbywhetherthesharesarelistedorunlisted.Wheresharesareunlistedit

maybemoredifficulttodealinthemortoobtainreliableinformationabouttheirvalue(anditmaythereforebedifficulttoestablishapropermarketinthemforthepurposesofmakingasubsequentsale).

1.9 Onoccasionyoumayinvestinlistedshareinvestmentswheretheissuerproposestouseborrowingorotherformsofgearingtoenhancethereturnfororvalueofinvestmentsithasmadewithoutincreasingtheamountinvested.Thevalueofsuchinvestmentsmaybemorevolatilethantheunderlyinginvestmentsmadebytheissuerandmaybesubjecttosuddenandlargefallsinvalueand,ifthefallinvalueissufficientlylarge,thevalueoftheinvestmentmayfalltozero.

1.10 Ifacompanygoesintoliquidation,itsshareholdersrankbehindthecompany’screditors(includingitssubordinatedcreditors)inrelationtotherealisationanddistributionofthecompany’sassets–withtheresultthatashareholderwillnormallyonlyreceiveanymoneyfromtheliquidatorifthereareanyremainingproceedsoftheliquidationonceallofthecreditorsofthecompanyhavebeenpaidinfull.

1.11 Remember,asashareholderinthecompany,youcouldlosesomeorallofthemoneythatyouhaveinvestedintheshares.

2. Depositary Receipts

2.1 DepositaryreceiptsincludeAmericanorEuropeanDepositaryReceipts(ADRsorEDRs),GlobalDepositaryReceiptsorShares(GDRsorGDSs)orothersimilarglobalinstrumentsthatarereceiptsrepresentingownershipofsharesofaforeign-basedissuerheldintrustbyabankorsimilarfinancialinstitution.ThesesecuritiesaredesignedforUSandEuropeansecuritiesmarketsasalternativestopurchasingunderlyingsecuritiesintheircorrespondingnationalmarketsandcurrencies.Depositaryreceiptscanbesponsoredorunsponsored.Sponsoreddepositaryreceiptsarecertificatesinwhichabankorfinancialinstitutionparticipateswithacustodian.

2.2 Therisksofinvestingindepositaryreceiptsgenerallyreflecttherisksofthesecuritiesheldinthetrust.Theacquisitionanddisposalofsomedepositaryreceiptsislimitedtoround-lotsorround-lotmultiples.Depositaryreceiptsmaytradeinthesecondarymarketatpriceslowerthantheaggregatevalueofthecorrespondingunderlyingsecurities.Insuchcases,somedepositaryreceiptsenabletheholderstorealisetheunderlyingvalueofthesecuritiesbycancellingthereceiptandreceivingacorrespondingamountofunderlyingsecurities,whichrequiresthepaymentoffeesandexpenses.

3. Bonds

3.1 Abondisaloantoacompany,governmentoralocalauthority.Generally,interestispaidtoyouasthelenderandtheamountoftheloanrepaidattheendoftheterm.

3.2 Whenyoubuyorsubscribeforbonds,youbecomeacreditoroftheissuerofthebonds.Theissuermightbeagovernmentoracorporatebusinessoritmaybeanentitythathasbeenformedspecificallyforthepurposesofissuingthebonds(thisisnormallythecasewherethebondspassthroughtoinvestorsthecashflowsgeneratedbyspecificassets,suchascorporateloans,residentialmortgagesorcreditcardreceivables).

3.3 Bondshaveanominalvalue.Thisisthesumthatwillbereturnedtoinvestorswhenthebondmaturesattheendofitsterm.

3.4 However,becausebondsaretradedonthebondmarket,thepriceyoupayforabondmaybemoreorlessthanthenominalvalue.Thereareseveralreasonswhythepricemightvaryfromthenominalvalue,forexample:

• Ifabondisissuedwithafixedinterestrateof,say,8%andgeneralinterestratesthenfallwellbelow8%,then8%willlooklikeagoodyieldandthemarketpriceofthebondwilltendtoriseabovethenominalvalue.

• Thereverseisalsotrue.Ifinterestratesrise,thefixedrateofaparticularbondmightbecomelessattractiveanditspricecouldfallbelowthenominalvalue.

• Ratingsagenciesmighttaketheviewthataparticularcompany’sbondnolongerqualifiesforahighrating–perhapsthecompanyisnotdoingaswellasitwaswhenthebondwasissued.Ifthishappensthenthemarketpriceofthebondmightfall.Ontheotherhand,thecompany’sratingmaybeimprovedwhichmayleadtoapricerise.

• Theinflationratemightstarttocreepupandtheinterestrateonsomebondsmightstarttolooklessattractivecomparedwithotherinvestments.

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3.5 Therisksassociatedwithinvestinginbondsinclude:

• Interestraterisk–theriskthatbondpriceswillfallasinterestratesrise.Bybuyingabond,thebondholdermayhavecommittedtoreceivingafixedrateofreturnforafixedperiod.Shouldthemarketinterestraterisefromthedateofthebond’spurchase,thebond’spricewillfallaccordingly.Thebondwillthenbetradingatadiscounttoreflectthelowerreturnthataninvestorwillmakeonthebond.Marketinterestratesareafunctionofseveralfactorssuchasthedemandfor,andsupplyof,moneyintheeconomy,theinflationrate,thestagethatthebusinesscycleisinaswellasthegovernment’smonetaryandfiscalpolicies.

• Callrisk–theriskthatabondwillbecalledbyitsissuer.Callablebondshavecallprovisions,whichallowthebondissuertopurchasethebondbackfromthebondholdersandretiretheissue.Thisisusuallydonewheninterestrateshavefallensubstantiallysincetheissuedate.Callprovisionsallowtheissuertoretiretheold,high-ratebondsandselllow-ratebondsinabidtolowerdebtcosts.

• Defaultrisk–theriskthatthebond’sissuerwillbeunabletopaythecontractualinterestorprincipalonthebondinatimelymanner,oratall.CreditratingsservicessuchasMoody’s,Standard&Poor’sandFitchgivecreditratingstobondissues,whichhelpstogiveinvestorsanideaofhowlikelyitisthatapaymentdefaultwilloccur.

• Inflationrisk–theriskthattherateofpriceincreasesintheeconomydeterioratesthereturnsassociatedwiththebond.Thishasthegreatesteffectonfixed-ratebonds,whichhaveasetinterestratefrominception.Forexample,ifaninvestorpurchasesa5%fixedbondandtheninflationrisesto10%ayear,thebondholderwilllosemoneyontheinvestmentbecausethepurchasingpoweroftheproceedshasbeengreatlydiminished.Theinterestratesoffloating-ratebondsareadjustedperiodically,therebylimitinginvestors’exposuretoinflationrisk.

3.6 Bondscanbeboughtandsoldinthemarket(likeshares)andtheirpricecanvaryfromdaytoday.Ariseorfallinthemarketpriceofabonddoesnotaffectwhatyouwouldgetbackifyouholdthebonduntilitmatures.Youwillonlygetbackthenominalvalueofthebond(plusanycouponpaymenttowhichyouhavebeenentitledduringyourownershipofthebond),irrespectiveofwhatyoupaidforit.

3.7 Forsomebondstheremaybearestrictedmarketanditmaybemoredifficulttodealinthemorobtainreliableinformationabouttheirvalue(anditmaythereforebedifficulttoestablishapropermarketinthemforthepurposesofmakingasubsequentsale).

3.8 Somebondsgenerateareturnthatislinkedtotheperformanceofarealornotionalpoolofunderlyingassets.Insuchcircumstances,thereturnyoureceivewilldependupontheperformanceoftheunderlyingpool.Manystructuredproductstaketheformofbonds(seethe“StructuredProducts”sectionbelowforfurtherdetailsoftherisksassociatedwithstructuredproducts).

3.9 Asabondholderyoucouldlosesomeor(inextremecases)allofthemoneythatyouhaveinvestedinthebondsthatyouhold.

Convertible bonds

3.10 Somebondsareconvertibleorexchangeableintoaspecificnumberofanotherformofsecurity(usuallytheissuer’sordinaryshares)ataspecifiedpriceorratio.Acompanymayissueaconvertiblesecuritythatissubjecttoredemptionafteraspecifieddate,andusuallyundercertaincircumstances.Aholderofaconvertiblebondthatiscalledforredemptionwouldberequiredtotenderitforredemptiontotheissuer,convertittotheunderlyingequitiesorsellittoathirdparty.

3.11 Convertiblebondstypicallypayalowerinterestratethannonconvertiblebondsofthesamequalityandmaturity,becauseoftheconvertiblefeature.Thisstructureallowstheholderoftheconvertiblebondtoparticipateinsharepricemovementsinthecompany’sshares.Theactualreturnonaconvertiblebondmayexceeditsstatedyieldifthecompany’ssharesappreciateinvalueandtheoptiontoconverttosharesbecomesmorevaluable.

3.12 Convertiblebondstypicallytradeatpricesabovetheirconversionvalue,whichisthecurrentmarketvalueofthesharesreceiveduponconversion,becauseoftheirhigher

yieldpotentialthantheunderlyingshares.Thedifferencebetweentheconversionvalueandthepriceofaconvertiblebondwillvarydependingonthevalueoftheunderlyingsharesandinterestrates.Whentheunderlyingvalueofthesharesdecline,thepriceoftheissuer’sconvertiblebondswilltendnottofallasmuchbecausetheconvertiblebond’sincomepotentialwillactasapricesupport.Whilethevalueofaconvertiblebondalsotendstorisewhenthepriceoftheunderlyingsharesrises,itmaynotriseasmuchbecausetheirconversionvalueismorenarrow.Thevalueofconvertiblebondsalsoisaffectedbychangesininterestrates.Forexample,wheninterestratesfall,thevalueofconvertiblebondsmayrisebecauseoftheirfixedincomecomponent.

4. Collective Investment Schemes

4.1 Acollectiveinvestmentscheme(“CIS”)isaschemewhichallowsaninvestortoinvestmoneyonapooledbasis(alongwithanumberofotherinvestors).ACISmaytaketheformofacompany,partnershiportrust.

4.2 Asaninvestor,youbuyshares/partnershipinterests/unitsintheCISinthehopethatthevaluerisesovertimeasthepricesoftheunderlyinginvestmentsincrease.Thepriceoftheshares/partnershipinterests/unitsdependsonhowtheunderlyinginvestmentsperform.

4.3 SomeCISsarecalled“open-ended”becausethenumberofshares/partnershipinterests/unitsinissueincreasesasmorepeopleinvestanddecreasesaspeopletaketheirmoneyout.“Closed-ended”CISsareCISswhereinvestorsareeitherunabletowithdrawtheirinvestmentsorcanonlydosoinveryrestrictivecircumstances.

4.4 Normally,thereisnoestablishedsecondarymarketinCISswhichmeansthatyourinvestmentinthemcannotusuallybesoldtothirdparties.However,(exceptforcertaintypesof“closed-ended”fund)theconstitutionaldocumentsoftheCISwillnormallyprovideforyoutobeabletoredeemyourinvestmentintheCISatitsnetassetvalue.Thefrequencywithwhichyoucanredeemyourinvestmentwilldependupontheprecisetermsofthoseconstitutionaldocuments.

4.5 AsaninvestorinaCIS,thevalueofanyinvestmentcangodownaswellasupandyoucouldlosesomeorallofthemoneythatyouhaveinvested.ThelevelofriskofaninvestmentinaCISwilldependontheunderlyinginvestmentsinwhichitisinvestedandhowwelldiversifiedtheCISis.

Forexample,aCISwhichinvestsonlyinoneindustrialsector,suchastechnology,willinvariablybemoreriskythanaCISthatinvestsacrossthewholerangeofcompaniesinamarket.Youshouldmaintainanappropriatelevelofemergencyfundstomeetunexpectedexpenses.

4.6 PastperformanceofaCISisnotareliableindicatoroffutureresults.

4.7 Regulated CIS

4.7.1 SomeCISsareregulatedwhichmeansthattherearerulesabout(andlimitson)thetypesofunderlyinginvestmentsinwhichtheCIScaninvestandthefrequencyandpriceatwhichinvestmentsintheCIScanberedeemed.Inparticular,therulesapplicabletoregulatedCISslimittheextenttowhichtheycaninvestinderivativesorleveragetheirportfolios.RegulatedCISsincludeFCAauthorisedunittrusts,authorisedcontractualschemesandOEICs(open-endedinvestmentcompanies,whicharethesameasICVCs–InvestmentCompanieswithVariableCapital);UCITS;LuxembourgCSSFauthorisedSICAVs(Sociétésd’investissementàcapitalvariable);andFCPs(Fondscommunsdeplacement).

4.7.2 Investmentsinmutualfundsorunittrustsarenotinsuredbyanygovernmentagencyandarenotadepositorotherobligationof,orguaranteedby,anyCitigroupOrganisation,unlessspecificallystatedintheproductdocumentation.

4.8 Exchange-Traded Funds

4.8.1 Exchange-tradedfunds(orETFs)areCISswhichhaveanexchangelistingandforwhichthereisasecondarymarketontheexchangeonwhichthesharesarelisted.Therefore,unlikeothertypesoffund,profitsorlossesfromapositioninsharesintheETFcanberealisednotjustbyredeemingthesharesbutalsobysellingthemontherelevantexchange.Typically,ETFstrytoreplicateastockmarketindexsuchastheFTSE100ortheHangSengIndex,amarketsectorsuchasenergyortechnology,oracommoditysuchasgoldorpetroleum.

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4.8.2 Thelegalstructurecanvary;however,themajorcommonfeaturesinclude:

• ETFshaveanexchangelisting;

• ETFsarenormallyindex-linkedratherthanactivelymanaged;

• thereisoftenanabilitytohandlecontributionsandredemptionsonanin-kindbasis(typicallyinlargeblocksofsharesonly);

• the‘value’oftheETF(butnotnecessarilythepriceatwhichitssharestrade–theycantradeata‘premium’or‘discount’tothe‘underlying’assets’value)derivesfromthevalueofthe‘underlying’assetscomprisingtheETF;and

• the‘underlyingassets’canbephysicalassetsorasyntheticassetforexampleaderivativegivingeconomicexposureonlytothe‘underlyingassets’.

4.8.3 EuropeanETFsaregenerallyregulatedCISs.ThepriceoftheETFsharesdependsontwomainfactors:

• thevalueoftheunderlyinginvestments;and

• thepopularity(orunpopularity)oftheETFsharesinthemarket.

4.8.4 TheresultisthatETFsharesdonotsimplyreflectthevalueoftheunderlyinginvestments,theyalsoreflecttheirpopularityinthemarket.Atanytimethesharepricemaybeatadiscountorpremiumtotheassetvalue.

4.8.5 SomeETFsborrowmoneytoinvest(toincreasethelevelexposuretotheunderlyingindex).Thisiscalledgearing.GearingimprovesanETF’sperformancewhenitsinvestmentsaredoingwell.Ontheotherhand,ifitsinvestmentsdonotdoaswellasexpected,gearinglowersperformance.AnETFthatisgearedisahigher-riskinvestmentthanonewhichisnotgeared(assumingthesameunderlyinginvestments).

5 Exchange Traded Notes (“ETNs”)

5.1 ETNs,asdebtinstruments,aresubjecttoriskofdefaultbytheissuer.Assuch,ETNshavetheirvaluedecidednotonlybytheperformanceoftheindextheyaredesignedtotrackbutalsobythecreditratingoftheissuer.Wheretheratingoftheissuerdeteriorates,thevalueoftheETNissuedbythatissuercouldfallinvalueeveniftheunderlyingindexdoesnot.InvestinginETNsisnotappropriateforinvestorswholacktheskillorresourcestoconsiderthecreditriskoftheissuerorwhoareunabletoacceptthatcreditrisk.

6. Exchange Traded Commodities (“ETCs”)

6.1 ETCsmaynotinvestinsecurities,inwhichcaseregulationsapplicabletosecuritiesdonotapplytosuchETCs.ETCsmaynotinvestincommoditiesdirectlybutincommodityderivativesinstead,inwhichcasethepriceofsuchanETCmaynottrackthespotpriceoftheunderlyingcommoditydirectly.InvestinginETCsisnotappropriateforinvestorswholacktheskilltoconsiderthesecharacteristicsofETCsorwhoareunabletoacceptrisksassociatedwithinvestinginETCs.

7. Derivatives

7.1 Options

7.1.1 Anoptiongivesthebuyeroftheoptiontheright(butnottheobligation)toacquireorsellanunderlyingsecurityorotherassetatafuturedateandatapricethathasalreadybeenagreedorthatisdeterminableinaccordancewithapre-agreedmechanism.

7.1.2 Buyingoptionsinvolveslessriskthanwritingoptionsbecause,ifthepriceoftheunderlyingassetmovesagainstyou,youcansimplyallowtheoptiontolapse.Themaximumlossislimitedtothepremium,plusanycommissionorothertransactioncharges.However,ifyoubuyacalloptiononafuturescontractandyoulaterexercisetheoption,youwillacquirethefuture.Thiswillexposeyoutotherisksdescribedinthe“Futures”sectionbelow.

7.1.3 Ifyouwriteanoption,theriskinvolvedisconsiderablygreaterthanbuyingoptions.Youmaybeliableformargintomaintainyourpositionandalossmaybesustainedwellinexcessofthepremiumreceived.Bywritinganoption,youacceptalegalobligationtopurchaseorselltheunderlyingassetiftheoptionisexercisedagainstyou,howeverfarthemarketpricehasmovedawayfromtheexerciseprice.Ifyoualreadyowntheunderlyingassetwhichyouhavecontractedtosell(when

theoptionswillbeknownas‘coveredcalloptions’),theriskisreduced.Ifyoudonotowntheunderlyingasset(‘uncoveredcalloptions’),theriskcanbeunlimited.

7.1.4 Theperformanceofanoptionthatyouhavewrittendependsprimarilyonhowtheunderlyingassetperformsduringthelifeoftheoption.Thevalueoftheoptioncan,therefore,beaffectedbyanyriskfactorsthatcanaffectthepriceoftheunderlyingassettowhichtheoptionrelates.Arelativelysmallmovementinthepriceoftheunderlyingassetcanresultinadisproportionatelylargemovement,unfavourableorfavourable,inthevalueoftheoption.Thepricesofoptionscan,therefore,bevolatile.

7.1.5 Ifyouwriteoptions,youmaysustainatotallossofanymarginyoudepositwiththecounterpartytoestablishormaintainaposition.Ifthemarketmovesagainstyou,youmaybecalledupontopaysubstantialadditionalmarginatshortnoticetomaintaintheposition.Ifyoufailtodosowithinthetimerequired,yourpositionmaybeliquidatedatalossandyouwillberesponsiblefortheresultingdeficit.

7.1.6 Evenifawrittenoptiontransactionisnotmargined,youmaystillcarryanobligationtomakefurtherpaymentsincertaincircumstancesoverandaboveanyamountpaidwhenyouenteredthecontract.

7.1.7 CertainLondonStockExchangememberfirmsunderspecialexchangeruleswriteaparticulartypeofoptioncalleda‘traditionaloption’.Thesemayinvolvegreaterriskthanotheroptions.Two-waypricesarenotusuallyquotedandthereisnoexchangemarketonwhichtocloseoutanopenpositionortoeffectanequalandoppositetransactiontoreverseanopenposition.Itmaybedifficulttoassessitsvalueorforthesellerofsuchanoptiontomanageitsexposuretorisk.

7.1.8 Certainoptionsmarketsoperateonamarginedbasis,underwhichbuyersdonotpaythefullpremiumontheiroptionatthetimetheypurchaseit.Inthissituationyoumaysubsequentlybecalledupontopaymarginontheoptionuptothelevelofitspremium.Ifyoufailtodosoasrequired,yourpositionmaybeclosedorliquidatedinthesamewayasafuturesposition.

7.1.9 Theinsolvencyordefaultofthecounterpartyoranyofthebrokersinvolvedwithyouroptiontransactionmayleadtopositionsbeingliquidatedorclosedoutwithoutyourconsent.Incertaincircumstances,youmaynotgetbacktheactualassetswhichyoulodgedascollateralandyoumayhavetoacceptanyavailablepaymentsincash.

7.1.10 Onmanyexchanges,theperformanceofatransactionbytherelevantbrokeris‘guaranteed’bytheexchangeorclearinghouse.However,thisguaranteeisunlikelyinmostcircumstancestocoveryou,asthecustomer,andmaynotprotectyouifthebrokeroranotherpartydefaultsonitsobligationstoyou.Insomecircumstancesitispossible(andinsomecases,itmaybemandatory)touseaclearinghouseforcertaintypesof“over-the-counter”(“OTC”)instruments,althoughdependingontheparticularinstrumentthismaynotbepossibleoritmaynotbecommonplace.

7.1.11 OptionsmaybeexecutedonaninvestmentexchangeoronanOTCbasis.WhilesomeOTCmarketsarehighlyliquid,transactionsinOTCderivativesmayinvolvegreaterriskthaninvestinginon-exchangederivativesbecausethereisnoexchangemarketonwhichtocloseoutanopenposition.Itmaybeimpossibletoliquidateanexistingposition,toassessthevalueofthepositionarisingfromanOTCtransactionortoassesstheexposuretorisk.Bidpricesandofferpricesneednotbequoted,and,evenwheretheyare,theywillbeestablishedbydealersintheseinstrumentsandconsequentlyitmaybedifficulttoestablishwhatisafairprice.

7.2 Futures

7.2.1 Transactionsinfuturesinvolvetheobligationtomake,ortotake,deliveryoftheunderlyingassetofthecontractatafuturedate,orinsomecasestosettlethepositionwithcash.Theycarryahighdegreeofrisk.Theperformanceofafuturescontractdependsprimarilyonhowtheunderlyingassetperformsduringthelifeofthecontract.Thevalueofthefuturecanthereforebeaffectedbyanyoftheriskfactorsthatcanaffectthepriceoftheunderlyingassettowhichthefuturescontractrelates.

7.2.2 The‘gearing’or‘leverage’oftenobtainableinfuturestradingmeansthatasmalldepositordownpaymentcanleadtolargelossesaswellasgains.Italsomeansthatarelativelysmallmovementcanleadtoaproportionatelymuchlarger

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movementinthevalueofyourinvestment,andthiscanworkagainstyouaswellasforyou.Futurestransactionshaveacontingentliabilitywhichmeansthatyoumaybeliableformargintomaintainitspositionandalossmaybesustainedwellinexcessofthepremiumreceived.Byenteringintoafuturescontract,youacceptalegalobligationtopurchaseorselltheunderlyingasset,howeverfarthemarketpricehasmovedawayfromtheagreedprice.

7.2.3 Youmaysustainatotallossofanymarginyoudepositwiththecounterpartytoestablishormaintainaposition.Ifthemarketmovesagainstyou,youmaybecalledupontopaysubstantialadditionalmarginatshortnoticetomaintaintheposition.Ifyoufailtodosowithinthetimerequired,yourpositionmaybeliquidatedatalossandyouwillberesponsiblefortheresultingdeficit.

7.2.4 Theinsolvencyordefaultofthecounterpartyoranyofthebrokersinvolvedwithyourfuturestransactionmayleadtopositionsbeingliquidatedorclosedoutwithoutyourconsent.Incertaincircumstances,youmaynotgetbacktheactualassetswhichyoulodgedascollateralandyoumayhavetoacceptanyavailablepaymentsincash.

7.2.5 Onmanyexchanges,theperformanceofatransactionbytherelevantbrokeris‘guaranteed’bytheexchangeorclearinghouse.However,thisguaranteeisunlikelyinmostcircumstancestocoveryou,asthecustomer,andmaynotprotectyouifthebrokeroranotherpartydefaultsonitsobligationstoyou.Insomecircumstancesitispossible(andinsomecases,itmaybemandatory)touseaclearinghouseforcertaintypesofOTCinstruments,althoughdependingontheparticularinstrumentthismaynotbepossibleoritmaynotbecommonplace.

7.3 FuturesmaybeexecutedonaninvestmentexchangeoronanOTCbasis.WhilesomeOTCmarketsarehighlyliquid,transactionsinOTCderivativesmayinvolvegreaterriskthaninvestinginon-exchangederivativesbecausethereisnoexchangemarketonwhichtocloseoutanopenposition.Itmaybeimpossibletoliquidateanexistingposition,toassessthevalueofthepositionarisingfromanOTCtransactionortoassesstheexposuretorisk.Bidpricesandofferpricesneednotbequoted,and,evenwheretheyare,theywillbeestablishedbydealersintheseinstrumentsandconsequentlyitmaybedifficulttoestablishwhatisafairprice.

8. Structured Products

8.1 StructuredProductsareproductsstructuredtofulfilaparticulartradingormarketobjective.Astructuredproductmaycombinethefeaturesoftwoormorefinancialinstruments(forexample,abondandaderivative).Derivativesoftenconstituteanintegralpartofastructuredproduct.Theproductmayinvolveanelementofleverageandsoarelativelysmallmovementinthevalueoftherelevantunderlyingassetorindexmayhaveasignificanteffectonthevalueofthestructuredproduct.

8.2 StructuredproductsaregenerallynottradedonTradingVenuesandyoutaketheriskonthecounterpartyissuingthestructure.Thereistypicallynorecognisedmarketfortheseinvestmentsanditmay,therefore,bedifficultforyoutodealintheinvestmentortoobtainreliableinformationaboutitsvalueortheextentoftheriskstowhichitisexposed.

8.3 Some(butnotall)structuredproductsincludeanelementofcapitalprotection–however,youshouldbearinmindthatthisisnotaguaranteethattheamountinvestedwillbereturnedinallcircumstances.Thecapitalprotectionofferedistypicallysubjecttotheinvestmentbeinghelduntilmaturityandtothecreditworthinessoftheissuer.

8.4 Otherstructuredproductsdonotincludeanycapitalprotection,whichmeansthatyoucouldlosesomeoralloftheamountinvestedevenifyouholdtheproductuntilmaturityandeveniftheissuerremainscreditworthy.

8.5 Structuredproductsareoftenhigh-riskinvestmentsandyoucouldlosesomeorallofthemoneythatyouhaveinvestedinthem.Inaddition,someStructuredProductsmayalsoinvolvemorethanonecurrency,whichexposesyoutotheriskofadversechangesinexchangerates(see“ForeignExchange”sectionbelowinrelationtoforeignexchangerisks).

9. Foreign exchange

9.1 Engaginginforeignexchange(“FX”)trading(buyingonecurrencyinexchangeforanother)exposesyoutotheriskofadversechangesinexchangerates.

9.2 Exchangeratescanbevolatileandaredrivenbyavarietyoffactorsaffectingtheeconomiesofthejurisdictionswhosecurrenciesyouaretrading.

9.3 The‘gearing’or‘leverage’oftenobtainableinFXtradingmeansthatasmalldepositordownpaymentcanleadtolargelossesaswellasgains.Italsomeansthatarelativelysmallmovementcanleadtoaproportionatelymuchlargermovementinthevalueofyourinvestment,andthiscanworkagainstyouaswellasforyou.SomeFXtransactionsinvolveacontingentliabilitywhichmeansthatyoumaybeliableformargintomaintainyourpositionandalossmaybesustainedwellinexcessofthepremiumreceived.

9.4 Youmaysustainatotallossofanymarginyoudepositwithustoestablishormaintainaposition.Ifthemarketmovesagainstyou,youmaybecalledupontopaysubstantialadditionalmarginatshortnoticetomaintainyourposition.Ifyoufailtodosowithinthetimerequired,yourpositionmaybeliquidatedatalossandyouwillberesponsiblefortheresultingdeficit.

9.5 TheinsolvencyordefaultofthecounterpartyoranyofthedealersinvolvedwithyourFXtransactionmayleadtopositionsbeingliquidatedorclosedoutwithoutyourconsent.Incertaincircumstances,youmaynotgetbacktheactualassetswhichyoulodgedascollateralandyoumayhavetoacceptanyavailablepaymentsincash.

9.6 Ifyoubuyorsellcurrencywithus,wewillexecutethesetransactionsatspot(thatis,thepriceavailableinthemarketatthattime)orsamedayvalueunlessweagreeotherwise.

9.7 SpottransactionswillnormallybereadyforsettlementonthesecondBusinessDayafterdealing.

10. Non-readily realisable investments

10.1 Wemayadviseuponorenterintotransactionsinnon-readilyrealisableinvestments.

10.2 Thereisarestrictedmarketforsuchinvestmentsanditmaythereforebedifficulttodealinsuchinvestmentsortoobtainreliableinformationabouttheirvalue.Itcanbedifficulttoassesswhatwouldbeapropermarketpriceforthem.

10.3 Youmayhavedifficultysellingsuchinvestmentsatareasonablepriceand,insomecircumstances,itmaybedifficulttosellthematanyprice.

10.4 Youmustnotinvestinthemunlessyouhavecarefullythoughtaboutwhetheryoucanaffordthemandwhethertheyarerightforyou.

11. Stabilisation

11.1 Weorourrepresentativesmay,fromtimetotime,recommendtransactionsinsecuritiestoyou,orcarryoutsuchtransactionsonyourbehalf,wherethepricemayhavebeeninfluencedbymeasurestakentostabiliseit.

11.2 Youshouldreadtheexplanationbelowcarefully.Thisisdesignedtohelpyoujudgewhetheryouwishyourfundstobeinvestedatallinsuchsecuritiesand,ifyoudo,whetheryouwish:

11.2.1 tobeconsultedbeforewecarryoutanysuchtransactiononyourbehalf;or

11.2.2 toauthoriseustocarryoutanysuchtransactiononyourbehalfwithoutfirsthavingtoconsultyou.

11.3 What is stabilisation?

11.3.1 Stabilisationenablesthemarketpriceofasecuritytobemaintainedartificiallyduringtheperiodwhenanewissueofsecuritiesissoldtothepublic.Stabilisationmayaffectnotonlythepriceofthenewissuebutalsothepriceofothersecuritiesrelatingtoit.Incertaincircumstancesstabilisationispermittedinordertohelpcounterthefactthat,whenanewissuecomesontothemarketforthefirsttime,thepricecansometimesdropforatimebeforebuyersarefound.

11.3.2 Wherestabilisationispermitted,stabilisationisbeingcarriedoutbya“stabilisationmanager”(normallythefirmchieflyresponsibleforbringinganewissuetomarket).Aslongasthestabilisingmanagerfollowsastrictsetofrules,theyareentitledtobuybacksecuritiesthatwerepreviouslysoldtoinvestorsorallottedtoinstitutionswhichhavedecidednottokeepthem.Theeffectofthismaybetokeepthepriceatahigherlevelthanitwouldotherwisebeduringtheperiodofstabilisation.

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11.4 Thestabilisationrules:

11.4.1 limittheperiodwhenastabilisingmanagermaystabiliseanewissue;

11.4.2 fixthepriceatwhichtheymaystabilise(inthecaseofsharesandwarrantsbutnotbonds);and

11.4.3 requirethemtodisclosethattheymaybestabilisingbutnotthattheyareactuallydoingso.

11.5 Thefactthatanewissueorarelatedsecurityisbeingstabilisedshouldnotbetakenasanyindicationofthelevelofinterestfrominvestors,norofthepriceatwhichtheyarepreparedtobuythesecurities.

12. Emerging Markets/Country Risk

12.1 Theterm“emergingmarkets”referstofinancialmarketsofcountrieswhosepolitical,socialandeconomicinfrastructureisintheprocessofchangeanddevelopment.

12.2 Political,monetary,fiscalandeconomicconditionsmaybesubjecttorapidandunpredictablechange,whichmaygiverisetomuchgreatervolatilityofexchangerates,interestratesandsecuritiesvaluesthanistypicalofdevelopedeconomies.

12.3 Sovereign(country)riskconditionsmayarisewhere,throughlackofforeigncurrencyheldbythecentralbankorbecauseofpolitical,economicorotherevents,exchangecontrolscouldbeimposedwhichmaypreventtheconversionofemergingmarketcurrenciesintofreelyconvertiblecurrencies.Marketquotationsmaynotbereadilyavailableandinsomecircumstancescouldbeunobtainable.

12.4 Therelativelyhighinterestratestypicalofemergingmarkets’currenciesmayappeartopresentattractiveinvestmentopportunities.However,highinterestratesmaybeindicativeofaninflationaryeconomy,aweakeningexchangerateandpoliticalandeconomicuncertainty.

12.5 Investinginemergingmarketscarriesahigherriskthaninvestinginlargerestablishedmarkets.Investmentsinemergingmarketsarelikelytoexperiencegreaterrisesandfallsinvalueandtheremaybetradingdifficulties.Theserisksareevenmorepronouncedforinvestmentswhichrelatetosmallerormediumcompaniesinemergingmarkets.Investinginemergingmarketsisnotappropriateforinvestorswhoarenotabletoaccepttheserisks.

13. Investment Linked Life Insurance Products

13.1 ThekeyfeaturesdocumentapplicabletoeachInvestmentLinkedLifeInsuranceProductwillcontainriskwarningswhichyoushouldreadpriortoinvesting.

13.2 InvestmentLinkedLifeInsuranceProductsarewholeoflifeinvestmentbondswhichenableyoutoinvestyourmoneyinaplanissuedbyaninsurancecompanywhichislinkedtonotionalfundunits(notionalentitlementswhichquantifythevalueofbenefitspayabletoyoubyreferencetothevalueofthefundstowhichyourproductislinked),allowrequestsforwithdrawalsbypartsurrender,andprovidebenefitswhenalastsurvivinglifeassureddies.

13.3 AllinstructionsrelatingtoanInvestmentLinkedLifeInsuranceProduct,includingrequeststobuyandsellunitsinfundslinkedtotheInvestmentLinkedLifeInsuranceProduct,canbesenttoCitiaccordingtoPart2CoftheseTermsofBusiness.YoucanalsogiveinstructionsdirectlytotheprovideroftheInvestmentLinkedLifeInsuranceProduct,inaccordancewiththeInvestmentLinkedLifeInsuranceProductTerms.Whereyouaskustosendinstructionstotheprovideronyourbehalf,theseinstructionswillnormallyberelayedbyustotheproviderbycloseofbusinessonthenextBusinessDayfollowingtheBusinessDayonwhichwereceiveyourinstructions(butinanycasenolaterthancloseofbusinessonthethirdBusinessDayafterwereceiveyourinstructions).YoushouldensurethatyougiveusinstructionsinsufficienttimetomeetanytimingrequirementsintheInvestmentLinkedLifeInsuranceProductTerms.

13.4 YoumaybeabletoviewinformationrelatingtotheInvestmentLinkedLifeInsuranceProductthroughathirdpartyonlineportal.Wherethisisthecase,youwillbeprovidedwithdocumentscontainingregistrationinstructionsbytheprovideroftheInvestmentProductafteryouhavepurchasedtherelevantInvestmentLinkedLifeInsuranceProduct.

13.5 Subjecttoclause1.11ofPart1oftheseTermsofBusiness,CitiacceptsnoresponsibilityfortheperformanceorprofitabilityofyourinvestmentinInvestmentLinkedLifeInsurance

Products.Youmustbeawarethatthevalueofanyinvestmentcangodownaswellasupandisnotguaranteed.Investmentchoicesshouldbebasedonpersonalcircumstancesandriskappetite.

13.6 Asaninvestor,youareinvestinginoneormoreunit-linkedfundsintheplanissuedbyaninsurancecompany.Thevalueoftheseunit-linkedfundsgoesupanddowninlinewiththeperformanceoftheunderlyinginvestments,andcanfallaswellasrisepurelyasaresultofexchangeratefluctuations.

13.7 IfyoudecidetosurrenderyourInvestmentLinkedLifeInsuranceProduct,youcouldreceivebacklessthanyouinitiallyinvested.

13.8 Taxationdependsonyourindividualcircumstancesandhowyourplanistaxedmaychangeinthefuture.AnyamountspaidoutoftheInvestmentLinkedLifeInsuranceProductupondeathmaybetaxable.

13.9 IftheInvestmentLinkedLifeInsuranceProductiscancelledyoumaynotgetbackthefullamountpaidintoitifthevalueoftheinvestmenthasgonedownoverthetimebetweeninvestmentandcancellation.

13.10 AtanytimethevalueoftheInvestmentLinkedLifeInsuranceProductmaybelessthantheamountoriginallyinvested.Forexample,thismayhappenifinvestmentreturnsarepoororyoutakewithdrawalsfromtheInvestmentLinkedLifeInsuranceProduct.

13.11 FeesrelatingtotheInvestmentLinkedLifeInsuranceProductcouldincreaseoverthelifetimeoftheproduct.Ifthisweretohappen,youwouldreceiveacommunicationfromusand/orthethirdpartyproductproviderwithdetailsofanyincreases.

13.12 Ifafundtowhichyourplanislinkedweretofail,becauseofthenatureofthisinvestmentitisunlikelythatyouwouldbecoveredbyanycompensationscheme,includingtheIrishInvestorCompensationSchemeandtheUKFinancialServicesCompensationScheme.

13.13 InvestmentLinkedLifeInsuranceProductsarenotdepositsorobligationsof,orguaranteedby,Citioranyofitsaffiliatesorsubsidiaries.

13.14 PastperformanceofanInvestmentLinkedLifeInsuranceProductisnotareliableindicatoroffutureresults.

13.15 PleasenotethatyourInvestmentLinkedLifeInsuranceProductwillbeprovidedbyathirdpartyinsurancecompany.IfwehaveanAdvisedAccountRelationshipwithyouinrelationtoanInvestmentLinkedLifeInsuranceProduct,ourrolewillbelimitedtoadvisingyouonyourinvestmentchoices(whereyourequestustodoso)andtopassingalongtheinstructionsyougivetoustotheproductprovider.WeconfirmthatCitiistreatingyouasitsclient(astherecipientofadvicefromCitiundertheAdvisedAccountRelationship)andiscategorisingyouasaretailclient.Thismeans,amongstotherthings,thatyouwillberegardedasaneligiblecomplainantundertherelevantFCARulesintheeventthatyouneededtocomplainabouttheserviceprovidedtoyoubyCiti.Asaresulttheprovisionsofclause1.10ofPart1oftheseTermsofBusinessshallapplywherewegiveyouadviceinrelationtoyourInvestmentLinkedLifeInsuranceProduct.

SCHEDULE 5: SUMMARY OF OUR BEST EXECUTION POLICY

PART 1: Scope and purpose

What is best execution and the purpose of the Best Execution Policy?

Whenweexecuteordersinfinancialinstrumentsonbehalfofclientsorreceiveandtransmitordersinfinancialinstruments,wehaveageneraldutytoactinaccordancewiththebestinterestsofourclients.Inaddition,asaspecificapplicationofthatgeneralduty,wearerequiredtotakeallsufficientstepstoobtainthebestpossibleresultforourclients(whichwerefertoas“best execution”).

Ourobligationtoachievebestexecutiondoesnotmeanthatwemustobtainthebestpossibleresultsforourclientsoneverysingleoccasion.Rather,itrequiresus:

• toverifyonanongoingbasisthatourexecutionarrangementsworkwellthroughoutthedifferentstagesoftheorderexecutionprocess;and

• totakeallappropriateremedialactionsifanydeficienciesaredetected.

Wehavedevelopedinternalprocessesandproceduresandanorderexecutionpolicy(the“Best Execution Policy”or“Policy”)toallowus

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toactinaccordancewithourclients’bestinterestsandobtainthebestpossibleresultforthemwhenexecutingorreceivingandtransmittingtheirordersinfinancialinstruments.

Werecognisetheimportanceofactinginaccordancewithyourbestinterestsandtakingallsufficientstepstoobtainthebestpossibleresultwhenexecutingordersforyou.Thisisimportantformaintaininganddevelopingourrelationshipwithyou.Westriveatalltimestoactfairlyandreasonablyindealingwithyou.

ThisdocumentsummarisesthePolicy.

When does the Best Execution Policy apply?

ThePolicyapplieswhereweareexecutingordersinfinancialinstrumentsonyourbehalforreceivingandtransmittingyourordersinfinancialinstruments.

ThePolicywillnotapplywhenwearenotexecutinganorderonyourbehalf,forexample,wherewearefollowingyourspecificinstructionstoexecuteyourorderinaparticularmannerorataparticularprice.Insuchascenario,thePolicywillnotapplytotheextentthatweaccepttheorderandfollowyourinstructionswhenexecutingtheorderoraspecificpartoftheorder.Similarly,thePolicywillnotapplytotheextentthatweacceptanorderfromyouandfollowyourspecificinstructionswhenplacingtheorderwith,ortransmittingtheorderto,anotherentityforexecution.SeePart3below.

ThisPolicywillapplytoalltransactionsinfinancialinstrumentsthatwearrangeonyourbehalf,whetherarrangedorexecutedthroughouraffiliatesorotherwise.

PART 2: Achieving best execution

What factors do we take into account to achieve best execution?

Inseekingtoachievebestexecution,wetakeintoaccountanumberoffactors.Theseinclude:

• price;

• costs;

• speed;

• likelihoodofexecutionandsettlement;

• size;

• nature;

• marketimpact;

• anyotherimplicittransactioncosts;and

• anyotherconsiderationrelevanttotheexecutionoftheorder.

Inrelationtoover-the-counter(“OTC”)products,wecheckthefairnessofthepriceproposedtoyoubygatheringmarketdatausedintheestimationofthepriceofsuchproductand,wherepossible,bycomparingwithsimilarorcomparableproducts.

What is the role of price?

Generally,asyouarearetailclient,thebestpossibleresultwillbedeterminedbythetotalconsiderationpaidbyyou,i.e.thepriceoftheinvestmentandallthecostsrelatedtotheexecution(includingexecutionvenuefees,clearingandsettlementfeesandanyotherfeespaidtothirdpartiesinvolvedintheexecutionoftheorder).

However,werecognisethattheremayfromtimetotimebecircumstancesforsomeclients,particularinstrumentsormarketswhereotherfactorsshouldhaveahigherprioritybecausetheyareinstrumentalindeliveringthebestpossibleresultsintermsoftotalconsideration.Insuchcasestherelativeimportanceofeachofthefactorslistedabovewilldifferdependingon:

• thecharacteristicsofyourorder;

• thecharacteristicsofthefinancialinstrumentstowhichyourorderrelates;and

• thecharacteristicsofthevenuestowhichyourordercanbedirected(ifthereismorethanone).

PART 3: Compliance with client instructions

What happens if you give us specific instructions in relation to the execution of your order?

Whereyouprovidespecificinstructionsinrelationtotheexecutionofyourorderandweacceptthatorder,wewillfollowthoseinstructions.

Wewillsatisfyourbestexecutionobligationstoyouwhereweacceptandfollowyourspecificinstructionswhenexecutingorarrangingfortheexecutionofanorderoraspecificaspectofanorder,althoughthePolicymayapplytootheraspectsoftheordertotheextentthattheyarenotcoveredbyyourinstructions.Forexample,wewillsatisfyourbestexecutionobligationsinthefollowinginstances:

• whereyouinstructustoexecuteanorderforyouataparticularprice,wewillnotberesponsibleforchoosingthebestpriceforthetransaction;

• whereyouinstructustoexecuteyourorderonaparticularvenue,wewillnotberesponsibleforselectingthevenue;and

• whereyouinstructustoexecuteyourorderataparticulartimeoroveraparticularperiod,regardlessofthepriceavailable,wewillexecuteyourorderatthattimeoroverthatperiodinthebestpossiblemanner,butwillnotberesponsibleforthetimingoranyoftheconsequencesforpriceorotherfactorsthatresultsfromthetimingofexecution.

Any specific instructions you give to us in relation to orders may prevent us from taking the steps that we have designed and implemented as part of our Policy to obtain the best possible result for the execution of those orders in respect of the elements covered by those instructions.

PART 4: Choosing an execution broker or execution venue

WewillgenerallypassanorderontoanotherCitigroupentityorathirdparty(an“execution broker”)forthemtoexecute,asopposedtousexecutingyourorderourselves.

WherewepassyourordertoanexecutionbrokerbasedoutsidetheEuropeanEconomicArea,theymaynotbesubjecttobestexecution(orequivalent)requirements.Wemayneverthelesspassyourordertothemunlesseither(i)thecircumstancesrequireotherwiseor(ii)youexplicitlyinstructusotherwiseandweareabletofollowyourinstructionstouseanalternativeexecutionbroker.Ifwearenotabletofollowyourinstructions,wemaynotbeabletoacceptyourorder.

What factors are taken into account when determining which execution brokers we place orders with?

Factorsthatweconsiderinselectingtheexecutionbrokerswithwhichweplaceyourordersinclude:

• theircreditworthiness;

• theirmarketexpertise;

• thebreadthoftheirmarketcoverage;

• theexecutionvenuestheyuse;

• theirrelevancetoourclients;

• theirspeed;

• thecostoftheirservices;

• theirexecutionarrangementsandthequalityoftheirexecution;

• theregulatoryframeworktheyaresubjectto;and

• otherqualitativefactors(forexample,qualityofservice)asmayberelevant.

What factors are taken into account when determining the execution venue?

Factorsthatweconsiderwhenselectinganexecutionvenue(inthelimitedcircumstanceswherewemayexecuteyourorderourselves)orconsideringtheexecutionvenuesusedbyanexecutionbrokerinclude:

• thegeneralpricesavailable;

• thedepthofliquidity;

• therelativevolatilityinthemarket;

• thespeedofexecution;

• thecostofexecution;

• thereliabilityandcontinuityoftrading;

• thecreditworthinessofthecounterpartiesonthevenueorthecentralcounterparty;and

• thequalityandcostofclearingandsettlement.

How might factors vary between choices of execution broker or venue?

Insomemarkets,pricevolatilitymaymeanthattimelinessofexecutionisapriority.Inothermarketsthathavelowliquidity,thefactofexecutionmayitselfconstitutebestexecution.

Inothercases,ourchoicemaybelimitedbecauseofthenatureofyourorderoryourrequirements.Forexample,wheninvestmentproductsaremoreilliquid,theremaybelittle(orno)choice.

How often do we review our execution brokers and venues?

Wewillreviewandassess,onaregularbasis,whethertheexecutionbrokersandvenuesincludedinthePolicyprovidethebestpossibleresultsforourclientsorwhetherweneedtomakechanges.

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How do we monitor our existing arrangements to ensure best execution?

Citimonitorsthequalityandappropriatenessofourorderexecutionarrangements(includingpricingandtheapplicationoftheexecutionfactors)inordertodetectpotentialdeficienciesandcircumstanceswherechangesmaybeappropriate.

Inthecaseoftransmissionofclientorders,thisincludesmonitoringthepassingofsuchordersandmonitoringthequalityofexecutionprovidedbytheexecutionbroker.Forexample,wehaveinplaceaprocesstocomparethepriceachievedforatransactionwiththepriceavailableinthemarketforthefinancialinstrumentatthetimeofexecution.Weseektomonitorinconsistenciesinordertoensurethequalityandappropriatenessofexecutionarrangements.Whereappropriatewewillseektoraisequerieswithexecutionbrokersastodiscrepanciesbetweentheexecutedandmarketprices.Wealsohaveregardto:

• pricesofferedfortheparticulartypeofinstrumentovertime;

• averagecostspertradechargedforthetypeoftradeovertime;and

• theBestExecutionPolicyof,andanybestexecutiondata,informationoranyotherguidanceprovidedby,therelevantexecutionbrokerfromtimetotime.

Wetakeasimilarapproachwithregardtoexecutionvenues.

InthecaseofOTCproducts,weregularlymonitorthefairnessofthepricingbygatheringmarketdataandcomparingthefinancialinstrumentwithcomparableproducts.

Where we have a choice of execution brokers or venues, how do we choose?

WewilltakeintoaccountfactorssuchasthecostsandbenefitsofaccessingmultipleexecutionbrokersorvenuesandaccessibilityindecidingwhichexecutionbrokerorvenuesweincludeinourPolicy.

IfwehaveaccesstomorethanoneexecutionbrokerorvenueinourPolicyforanorderinaparticularfinancialinstrument,wewillendeavourtochoosethebestexecutionbrokerorvenuefortheorder,takingintoaccountthefactorsapplicabletodeterminingexecutionbrokersorvenuesandachievingbestexecutionlistedabove.

Where can I find information on the top five execution brokers and venues used?

Wewillsummariseandmakepublic,onanannualbasis,foreachclassoffinancialinstruments,thetopfiveinvestmentfirmsintermsoftradingvolumeswherewetransmittedorplacedclientordersforexecutionintheprecedingyearandinformationonthequalityofexecutionobtained.Wherewehaveexecutedorders,wewillalsopublish,foreachclassoffinancialinstruments,thetopfiveexecutionvenuesintermsoftradingvolumeswhereweexecutedclientordersandinformationonthequalityofexecutionobtained.

ThisdatawillbeavailableonourwebsiteandinotherformatsfromyourRelationshipManager.

Whereavailable,wewillalsoprovidealinktothemostrecentexecutionqualitydatapublishedinaccordancewithArticle27(3)ofDirective2014/65/EU(knownas‘MiFIDII’)foreachexecutionbrokerandvenuelistedinourBestExecutionPolicy.

What execution brokers and / or venues do we use for particular investments?

Wehavesetoutbelowtheexecutionbrokersand/orvenuesweplacesignificantrelianceoninmeetingourobligationtotakeallsufficientstepstoobtainonaconsistentbasisthebestpossibleresultfortheexecutionofyourorders.

Itisimportanttonotethatwhenplacingordersinrespectofequities,AmericanDepositoryReceipts(“ADRs”),GlobalDepositoryReceipts(“GDRs”)andExchangeTradedFunds(“ETFs”)youwillberequiredtoselectanexecutionvenuefromalistofexecutionvenuesusedbytheexecutionbrokertowhomwepassyourorder.Theexecutionvenuesonthislistareonesthatwehavepre-selectedfromtheexecutionbroker’svenueoffering.

• Collective Investment Schemes

Whenwedealincollectiveinvestmentschemeswewilldealdirectlywiththefundmanagerortheirtransferagent.

• Equities, American Depository Receipts (“ADRs”), Global Depository Receipts (“GDRs”) and Exchange Traded Funds (“ETFs”)

Uponreceivingyourorder,Citiwilltransmityourordertoourexecutionbroker.WewilluseUBSAG,actingthroughitsbusinessgroupUBSInvestmentBankinSwitzerland(“UBS”)asour

executionbrokerinrelationtoequities,ADRs,GDRsandETFs.Whenyouplaceanorderwithus,wewillaskyoutoconfirmwhichexecutionvenueyouwouldlikeUBStobedirectedtoexecuteyourorderon.Thepossibleexecutionvenuesaresetoutintheannextothisdocument.

Pleasenotethatwhilethefeeswechargeyouwillnotvaryonthebasisoftheexecutionvenueyouselect,thefeesthatUBSchargesmayvarydependingontheexecutionvenueselected.Feesofexecutionvenuesmayalsovary.FurtherinformationisavailablefromyourRelationshipManager.

PleasealsoseePart3above–thechoiceofexecutionvenuewillbeaspecificinstruction.

• Gilts and Bonds

Uponreceivingyourorder,Citiwilltransmityourordertoourexecutionbroker,UBS.UBSwillthenseektoexecuteyourorderontheappropriateexecutionvenue.Youwillnotberequiredtoselectanexecutionvenueunlessyouwishtodoso(inwhichcase,thisPolicymaynotapplytoyou–seePart3above).

• Structured Products

Whenwearrangeforyoutoinvestinastructuredproduct,wewillinstructouraffiliateCitigroupGlobalMarketsLimited(“CGML”)todealdirectlywiththerelevantproductissuer.Intheeventthatyouseekearlyredemptionofthestructuredproduct,wewillinstructCGMLtocontacttheissueroftheproductandobtainapricefortheproduct.

PART 5: Location of execution

Incertaincircumstances,thelawsandruleswearesubjecttomayspecifywhereanordercanbeexecuted(“trading obligations”).Tradingobligationsmayapply,irrespectiveofwhethertheirapplicationisconsistentwithourbestexecutionobligations.

ThePolicyprovidesforthepossibilitythatclientordersmaybeexecutedoutsideofaTradingVenue(subjecttocompliancewithanyapplicabletradingobligationsorotherapplicablelawsandrules).ATradingVenueisaregulatedmarket,multilateraltradingfacilityoranorganisedtradingfacility(inotherwords,broadly,venueswheremultiplethird-partybuyingandsellingtradinginterestsinteract).Wherewehavereceived,orsubsequentlyreceive,expressconsentfromyoutodoso(whichmaybegivenasastandingconsent)yourordersmaybeexecutedoutsideaTradingVenue(forexample,OTCexecution).

TheexecutionofordersoutsideaTradingVenuemayinvolveconsequenceswhichdifferfromexecutiononaTradingVenue.Forexample,thetransactionwillnotbesubjecttoanyrulesoftheTradingVenueintendedtoprovideforfairandorderlytrading.Additionally,theremaybeincreasedsettlementriskasthetransactionwillnotbecoveredbythesettlementrulesoftheTradingVenueandtheremaybedifferingexposuretocounterpartyrisk.Additionalinformationabouttheconsequencesofthismeansofexecutionisavailableonrequest.

PART 6: Client Limit Orders

ALimitOrdermeansanordertobuyorsellafinancialinstrumentatitsspecifiedpricelimitorbetterandforaspecifiedsize.

WhereCitihasacceptedaLimitOrderinrespectofsharesthathavebeenadmittedtotradingonaregulatedmarketortradedonaTradingVenue(asdefinedinPart5above),whichisnotimmediatelyexecutedunderprevailingmarketconditions,unlessyouexpresslyinstructotherwise,thatLimitOrdermayberequiredtobemadepublicimmediatelyinamannerwhichiseasilyaccessibletoothermarketparticipants.

However,wherewehavereceived,orsubsequentlyreceive,suchaninstructionfromyou(whichmaybegivenasastandinginstruction),weshallnotbeobligedtopublishaLimitOrderimmediatelyifitcannotbeimmediatelyexecutedunderprevailingmarketconditions(unlessinstructedotherwisebyyouinwritinginrespectofaparticularLimitOrderandweacceptthatLimitOrder).

PART 7: Reviewing the Policy

How often will we update the Policy?

WewillreviewthePolicyandourorderexecutionarrangementsannuallyandwheneveramaterialchangeoccursthataffectsourabilitytoobtainthebestpossibleresultsforourclients.WeshallmonitortheeffectivenessofthePolicyandassesstheexecutionbrokersandvenuesinthePolicyonaregularbasisandcorrectanyidentifieddeficiencies.

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WeshallalsoseektoensurethatthedesignandreviewprocessofourinternalprocessesandproceduresandPolicyisappropriateandtakesintoaccountnewservicesorproductsofferedbyCiti.

WewillnotifyyouofanymaterialchangestoourorderexecutionarrangementsorthePolicy.

PART 8: Consenting to the Policy

WearerequiredtoobtainyourpriorconsenttothePolicyandyouwillbedeemedtoconsenttoitwhenyouplaceanorderwithus.

PART 9: Contact details

How do you contact us in connection with this Policy?

IfyouhaveanyqueriesaboutthePolicyorourcompliancewiththePolicy,pleasecontactyourRelationshipManager.

Annex 1UBS’ execution venues in relation to equities, ADRs, GDRs and ETFs

SetoutbelowisthelistoftheexecutionvenueswhichmaybeavailableforyoutodirectUBStoexecuteyourordersoninrelationtoequities,ADRs,GDRsandETFs.WehaveselectedtheseexecutionvenuesoutoftheexecutionvenuesUBSusesonthebasisofthefactorsfordeterminingexecutionvenuessetoutabove:

Market Exchanges Equity ETF ADR / GDR

AUSTRALIA AX-AUSTRALIASE(ASX) Y Y

AUSTRIA VI-WIENERBORSE Y Y

BELGIUM BR-EURONEXTBRUSSELSSTOCKEXCHANGE Y Y

CANADA TO-TORONTOSTOCKEXCHANGE Y Y

V-TSXVENTUREEXCHANGE Y Y

DENMARK CO-COPENHAGENSTOCKEXCHANGE Y Y

FINLAND HE-HELSINKISTOCKEXCHANGE Y Y

FRANCE PA-EURONEXTPARISSTOCKEXCHANGE Y Y

GERMANY BE-BERLINSTOCKEXCHANGE Y Y GDR

D-DUSSELDORFSTOCKEXCHANGE Y Y GDR

DE-XETRA Y Y

F-FRANKFURTSTOCKEXCHANGE Y Y GDR

H-HAMBURGSTOCKEXCHANGE Y Y GDR

HA-HANNOVERSTOCKEXCHANGE Y Y GDR

MU-MUNCHENSTOCKEXCHANGE Y Y GDR

SG-STUTTGARTSTOCKEXCHANGE Y Y GDR

GREECE AT-ATHENSSTOCKEXCHANGE Y Y

HONGKONG HK-HONGKONGSTOCKEXCHANGE Y Y

IRELAND I-IRISHSTOCKEXCHANGE Y Y

ITALY MI-BORSAITALIANA Y Y

JAPAN T-TOKYOSTOCKEXCHANGE Y Y

NETHERLANDS AS-EURONEXTAMSTERDAMSTOCKEXCHANGE Y Y

NEWZEALAND NZ-NEWZEALANDSTOCKEXCHANGE Y Y

NORWAY OL-OSLOSTOCKEXCHANGE Y Y

PORTUGAL LS-EURONEXTLISBONSTOCKEXCHANGE Y Y

SINGAPORE SI-STOCKEXCHANGEOFSINGAPORE Y Y

SPAIN MC-MADRIDSTOCKEXCHANGE Y Y

SWEDEN ST-STOCKHOLMSTOCKEXCHANGE Y Y

SWITZERLAND S-SWXSWISSEXCHANGE Y Y

VX-VX-VIRT-X Y Y

UNITEDKINGDOM LONDONSTOCKEXCHANGE(excludingAIM) Y Y GDR

UNITEDSTATESOFAMERICA A-AMERICANSTOCKEXCHANGE Y Y ADR

N-NEWYORKSTOCKEXCHANGE Y Y ADR

O-NASDAQ Y Y ADR

OB-NEWYORK-OTC Y Y ADR

P-NYSEARCA Y Y ADR

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SCHEDULE 6: YOUR REPRESENTATIONS

1.1 Representationsarepersonalstatements,assurancesorundertakingsgivenbyyoutousonwhichwerelywhenwedealwithyouandprocesstransactionsonyourbehalf.

1.2 YoumakethefollowingrepresentationsatthetimeyouenterintotheseTermsofBusinessandeverytimeyouplaceanorderwithustoenterintoanytransaction(an“Order”):

(a) youunderstandthatyouarenotunderanyobligationtobuyanyinvestment(s)throughusoranyCitigroupOrganisation.Youcantakeawayacopyofyourassetallocationand/orlistofinvestmentsmadeavailablebyuswithouthavingtoplaceanOrderandyouarefreetopursueadviceandexecuteyourinvestmentswithabrokeroradviserofyourownchoosing;

(b) wewillbeactingasyouragent,inoursolenameandwithoutprejudicetoanysecurityrightsrelatingtoanyinvestment;

(c) youhavemadeallenquiriesandreceivedalltheadvice(includingfinancialortaxadvice)youthinknecessarytoplaceanOrderinrelationtotheinvestment(s)towhichtheOrderrelatesandwhichmayincludetakinginvestmentadviceexceptwhereyouplaceanOrderonouradvice.WhereyouhaveanAdvisedAccountRelationshipourInvestmentAdvisoryServiceswillbeprovidedtoyouinaccordancewithPart2AoftheseTermsofBusiness;

(d) youacknowledgethatonceyouhavespokentoyourRelationshipManagerandconfirmed(a)thedetailsofanOrderand(b)thatyouhavereadallthedocumentationyouhavereceivedinconnectionwithyourOrder(includingtheseFundTerms)andwetheninitiateorstartprocessingyourorder,youmaynotbeabletocancelyourOrder.However,incertaincircumstancesinrelationtocertaininvestmentscancellationrightsmayapply.Wewillnotifyyouofthesewhenapplicable;

(e) youunderstandthatwemayrefuseyourOrderandthatthevalidityofanyOrderissubjecttothereceiptofclearedfundsbythefund,unittrustorcounterpartyrelatingtoyourOrder;

(f) youunderstandandacceptthatanydividendsreceivedbyusinrespectofyourOrdermaynotbepassedontoyou,butusedtopurchaseadditionalsharesorunitsinthefundorunittrustrelatingtoyourOrder;

(g) youconfirmthatyouarenotaUnitedStates(US)citizenorresidentorotherwiseaUSpersonforthepurposesoftheUnitedStatesSecuritiesAct1933,asamendedfromtimetotime,andyouacceptthatyourinvestmentsmaynotbeheldortransferredtoaUSpersonandyouagreetoinformusif,atanytime,youbecomeaUSperson;

(h) whereyourOrderrelatestofundsregisteredinIreland,youconfirmthatyouarenotanIrishtaxresidentandyouagreetoinformusif,atanytime,youbecomeanIrishtaxresident;

(i) youconfirmthattherearenoregulatoryimpedimentsinrelationtoyourcountryofresidenceorcitizenshipprohibitingyoufromplacinganOrderandyouagreetoinformusif,atanytime,yourcircumstancesinthisregardchange;

(j) whereyourOrderrelatestofundsorunittrustsregisteredinLuxembourg,youacknowledgethatthesharesorunitsofthefundorunittrustwillberegisteredinournameorthatofouragent,actingasyournominee.However,youconfirmthatyouunderstandthatyoumaydirectlyinvestinthefundorunittrustwithoutusingthenomineeserviceofferedbyusand,furthermore,youmayclaimadirectentitlementtoyoursharesorunitsregisteredinourname,whereitisactingasyournominee;

(k) youunderstandthatanyinterest,dividends,andotherincomeandcapitalgainsfromunitsorsharesinfundsorunittrustsmaybesubjecttotaxes,includingwithholdingtaxes.Youagreethatweandourappointednomineesoragentsmaywithholdtheamountofthesetaxesfrompaymentstoyou.Ifyouravailableassetswithusdonotcoverthetaxliability,youagreetoprovideusondemandwithanyadditionalfundsrequired;

(l) youacknowledgethat(exceptinrelationtoaPlan)we,and/oranynomineeoragentweappointinrelationtoyourOrder,arenotobligedtoinformyouofanyshareholdercommunicationswhichwe/theymayreceive

asashareholderorunitholderinafundorunittrustsnortakeanyactioninrelationtosuchcommunications,wherethisisapplicabletoyourOrder.Inparticular,weandourappointednomineesoragentswillnotbeobligedtoconsultyouinrelationtoexercisingthevotingrightsattachedtotheunitsorsharesinthefundorunittrustsinwhichyouinvestandshallhavecompletediscretionastowhethertoexercisesuchvotingrightsatall;and

(m)youacceptthatwedonotwarranttheperformanceorprofitabilityofyourOrderortherelevantfund(s)orunittrust(s).Youacceptthatyouaresolelyresponsibleforpayingtaxesorwithholdingtaxesarisingfromthepurchaseorsaleoftheunitsorsharesinfundorunittrusts.Inaddition,youunderstandthatwehavenoobligationtoreclaimforyouanyexcesstaxeswithheld.

1.3 IfyouhaveanyquestionsaboutthestatementsyouhavebeenaskedtoconfirmaboveorabouthowtheywillapplytoyourOrder,pleasecontactCition0800005500(oryourRelationshipManager,ifyouhaveanAdvisedAccountRelationship).

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SECTION TWO: Summary of Conflicts of Interest PolicyBackgroundCitiprovidesandisengagedinawiderangeoffinancialservices,includinginvestmentmanagement,privatebanking,financing,securitiestrading,corporateandinvestmentbankingandresearch.IncompliancewithourstatutoryobligationsthisdocumentdescribestheConflictsofInterestPolicy(the“Policy”)maintainedbyCitiinrespectofregulatedactivitiescarriedoutwithintheEEA.

Citiiscommittedtomaintainingthehighestprofessionalstandardsandprinciplesinprovidingservicestoitsclients.Theinterestsofclientsmustalwayscomefirst,andCiti’spoliciesandprocedures,whichaddressandmanageconflictsofinterestasmayarise,areintendedtoensurethatthoseinterestsarewellserved.

Tothisend,Citihaspoliciesandproceduresinplacetoidentify,prevent,considerandmanagepotentialconflictsofinterestandprotecttheintegrityofitsrelationshipswithretail,professionalandeligiblecounterpartyclients.AllCitiemployeesmustcomplywithCiti’spoliciesandproceduresandtheymaynotdoindirectlyanythingthattheyareprohibitedfromdoingdirectlyunderthesepoliciesandprocedures.Thefollowingsectionsprovideasummaryoftheinternalpolicydocumentsandoperatingprocedures.Furtherdetailsonthesepoliciesandproceduresareavailableonrequest.

Forthepurposesofascertainingwhetherthereisaconflictofinterest,referencestoCitiemployeesincludereferencestootherpersonslinkedtousandourclientsandappointedrepresentativesofCiti.

Identification of conflictsCitiseekstoensureitisabletoappropriatelyandeffectivelyidentifyandpreventormanagepotentialconflictsofinterestbetweenus(includingourmanagers,employeesoranypersondirectlyorindirectlylinkedtous)andourclients,andbetweenourclients,thatariseinthecourseofprovidingourservicesandwhoseexistencemaydamagetheinterestsofaclient.

Itmaymanagepotentialconflictsthroughavoidance,establishinginformationbarriers(Chinesewalls)oractingwithanappropriatelevelofindependence.WherethearrangementsunderourConflictsofInterestPolicytopreventormanageaparticularconflictarenotsufficienttoensurewithreasonableconfidencethattheriskofdamagetoaclient’sinterestswillbeprevented,wewillprovidetheclientwithaspecificdescriptionoftheconflictsofinterestandexplainthegeneralnatureand/orsourcesoftheconflictsofinterest,aswellastherisksthatariseasaresultoftheconflictsofinterestandthestepstakentomitigatethoserisks.Thespecificdescriptionwillbeinsufficientdetailtoenabletheclienttomakeaninformeddecisionastowhethertoproceed.

Indeterminingwhetherthereisormaybeaconflictofinterestwhoseexistencemaydamagetheinterestsofaclient,Cititakeintoaccount,amongstotherthings,whetherCitiorCitipersonnel:

– islikelytomakeafinancialgain,oravoidafinancialloss,attheexpenseoftheclient;

– hasaninterestintheoutcomeofaserviceprovidedtotheclientorofatransactioncarriedoutonbehalfoftheclient,whichisdistinctfromtheclient’sinterestinthatoutcome;

– hasafinancialorotherincentivetofavourtheinterestofanotherclientorgroupofclientsovertheinterestsoftheclient;

– carriesonthesamebusinessastheclient;

– receivesorwillreceivefromapersonotherthantheclient,aninducementinrelationtoaserviceprovidedtotheclientintheformofmonetaryornon-monetarybenefits.

Citi has identified that potential conflicts of interest between Citi and clients arise in the following general categories:

– Conflicts relating to treating clients fairly;forexample,whensellinginvestments,CitimayreceiveinducementsfromfundcompaniesandsecurityissuerswheresuchinducementsarepermittedunderApplicableLaw,including:

a)turnover-relatedsalesfollow-upcommissions,paidtousbyfundcompaniesfromthemanagementfeestheyreceive;

b)salescommissionspaidbysecurityissuersintheformofplacementcommissions;

c)correspondingmarkdownsontheissueprice(discount/rebate)andsalesfollow-upcommissions;

d)up-frontfeespaidtoCiti,insofaraswelevythesewhensellinginvestmentunitsorothersecurities;and

e)non-monetaryinducements.

Citimayalsoprovidesuccess-relatedcommissionsandfixedremunerationstocontractuallyindependenttiedagentswholeadustoclientsortransactionswithorwithoutreferencetoaspecifictransactionwherepermittedunderApplicableLaw.

– Conflicts relating to competing with clients; forexample,Citimayseektomakeinvestmentsforitsownaccountinsecuritiesinwhichourclientsarealsoseekingtoinvest.

– Multiple involvement; forexample,CitimayactastrusteetoinvestorsonadebtsecurityandalsoactasalendertothesecurityissuersuchthatitmaycreateaconflictofinterestbetweenCiti’sobligationsastrusteeandCiti’sproprietaryinterests.

– Conflicts relating to use of material non-public information or use of private information;forexample,Citimaysellsecuritiestoclientsatatimewhenithasaccesstoprivateinformationregardingthedebtorinconnectionwithitslendingoradvisorybusiness.

– Conflicts relating to manufacturing of products; forexample,CitimaydevelopaproductthatenablesCititosellitsownexposureinanentitytoitsclients.

– Conflicts between clients or groups of clients; forexample,Citimayprovideadvisoryservicestoaclientonatransactionandatthesametimeprovidefinancingtoanotherclientonthesametransactionwherethetwoclientshaveseparateand/orcompetinginterests.

– Conflicts between Citi employees and the interests of Citi or the interests of clients; forexample,aCitiemployeemayhaveapersonalinvestmentinanissuerofsecuritiesandalsoprovideinvestmentrecommendationstoclientsonthatsameissuerofsecurities.

Management of conflictsAlthoughnotanexhaustivelist,theprimarymethodsthatmaybeusedbyCititomanageactualorpotentialconflictsofinterestinclude:

– Citi,underthedirectresponsibilityofthemanagementboard,operatesanindependentComplianceDepartment,witharemittomonitortheidentification,prevention,avoidanceandthemanagementofconflictsofinterest;

– proceduresandsystemstoidentifyspecificsituationswheretherearecompetingoradverseinterests;

– procedurestopreventorcontroltheexchangeofinformationbetweenCitipersonnelengagedinactivitiesinvolvingariskofconflictofinterestwheretheexchangeofthatinformationmayharmtheinterestsofoneormoreclients;

– tradesurveillanceandrestrictionsystemsincludinginsider,andrestricted(orfreeze)liststomonitortheflowofinsideinformationwithinthefirmandprohibitemployeesfrommisusingsuchinformationforthefirm’sortheirownaccountandtothedetrimentofclients;

– oversightandapprovalbyproductcommittees,independentfromthedirectlyinvolvedCitirepresentatives,covering(amongothermatters)transactionandproductpricing,placing,andstructure;

– structuralseparation.Suchseparationmaybephysicalorotherwise,includingbutnotlimitedtoinformationbarriers,compensationarrangementsandormanagementandsupervisorystructures;

– oversightofcontactsbetweenandwithinbusinesseswhoseclientshaveadverseorcompetinginterestswiththeclientsofotherbusinessunits;

– separatesupervisionofCitipersonnelwhoseprincipalfunctionsinvolvecarryingoutactivitiesonbehalfof,orprovidingservicesto,clientswhoseinterestsmayconflict,orwhootherwiserepresentdifferentintereststhatmayconflict,includingthoseofCiti;

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– removalofanydirectlinkbetweentheremunerationofCitipersonnelprincipallyengagedinoneactivityandtheremunerationof,orrevenuesgeneratedby,differentCitipersonnelprincipallyengagedinanotheractivity,whereaconflictofinterestmayariseinrelationtothoseactivities;

– measurestopreventorlimitanypersonfromexercisinginappropriateinfluenceoverthewayinwhichCitipersonnelcarryoutinvestmentorancillaryservicesoractivities;

– measurestopreventorcontrolthesimultaneousorsequentialinvolvementofCitipersonnelinseparateinvestmentorancillaryservicesoractivitieswheresuchinvolvementmayimpairthepropermanagementofconflictsofinterest;

– policiesandproceduresensuringfairand/orequaltreatmentofclientsorclassesofclients;

– regulationofpersonalinvestmentandbusinessactivitiesofCitiemployeesbytheComplianceDepartmenttopreventconflictsofinterestarisingagainsttheinterestsofclients;

– trainingofemployees;

– rulesgoverningtheacceptanceandgrantingofinducements,includingdisclosureofsucharrangementstoclients;

– thegeneralorspecificdisclosureofconflictsofinteresttoclientswherenecessary,includingbutnotlimitedto,instanceswhereitisnotconsideredpossibletohavesufficientarrangementstoavoidorwhollymanageaconflictofinterest;and

– decliningtoactwherewebelievethereisnootherpracticablewayofensuringthatyouandourotherclientsaretreatedfairly.WemayalsoestablishorganisationalwallstorestrictthemovementofinformationwithinCitigroupOrganisations.

Ifyousorequest,wewillbepleasedtoprovidefurtherdetailsontheprinciplesoutlinedabove.

Reviewing the PolicyHow often will we update the Policy?

WewillmonitortheeffectivenessofthesearrangementsandimplementanynecessarychangestoourConflictsofInterestPolicyfromtimetotime,andwillnotifyyouofanymaterialchanges,wheretheyarerelevanttoyou.

Contact detailsHow do you contact us in connection with the Policy?

IfyouhavequeriesaboutthePolicyorourcompliancewiththePolicy,pleasecontactyourRelationshipManager.

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35 109220318

CitibankEuropeplcisauthorisedbytheCentralBankofIrelandandbythePrudentialRegulationAuthority.ItissubjecttosupervisionbytheCentralBankofIreland,andsubjecttolimitedregulationbytheFinancialConductAuthorityandthePrudentialRegulationAuthority.DetailsabouttheextentofourauthorisationandregulationbythePrudentialRegulationAuthority,andregulationbytheFinancialConductAuthorityareavailablefromusonrequest.CitibankEuropeplc,UKBranchisregisteredasabranch(registrationnumberFC032763)intheregisterofcompaniesforEnglandandWales.TheregisteredaddressintheUKisCitigroupCentre,CanadaSquare,CanaryWharf,LondonE145LB.CitibankEuropeplcisregisteredinIrelandwithnumber132781,withitsregisteredofficeat1NorthWallQuay,Dublin1.CitibankEuropeplcisregulatedbytheCentralBankofIreland.UltimatelyownedbyCitigroupInc.,NewYork,USA.©CitibankN.A.2018.CITI,CITIandArcDesignareregisteredservicemarksofCitigroupInc.Callsmaybemonitoredorrecordedfortrainingandservicequalitypurposes.

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